How To Buy Your First Home With No Money -

: These typically range from 2% to 5% of the loan amount [2]. They cover lender fees, title insurance, and appraisals [2]. You can ask the seller to pay these (seller concessions) or roll them into some loan types [2].

These specific mortgage types allow you to finance 100% of the home's purchase price [1, 2]. how to buy your first home with no money

: Lenders allow you to use cash gifted from family members, a spouse, or domestic partner to cover 100% of that 3% to 3.5% down payment [1, 2]. 🛑 Hidden Costs to Prepare For : These typically range from 2% to 5% of the loan amount [2]

: Some lenders require you to have 1 to 3 months of mortgage payments sitting in a bank account after closing to prove you will not immediately default. These specific mortgage types allow you to finance

While a zero-down payment eliminates the upfront cost of the home's purchase price, you will still need to cover closing costs, moving expenses, and earn enough income to qualify for a mortgage [1]. 🏠 Zero-Down Mortgage Programs

: Backed by the U.S. Department of Agriculture [1, 2]. These target rural and suburban homebuyers who meet specific income limits [1, 2]. The property must be located in an eligible rural area [1].

: Guaranteed by the Department of Veterans Affairs [1, 2]. Available to active-duty service members, veterans, and eligible surviving spouses [2]. They require no down payment and no monthly mortgage insurance [1, 2].