But while you traditionally needed a substantial down payment in order to secure a loan, today there are plenty of ways to become a homeowner—even if you haven’t saved a penny for a down payment.
In a recent video, the team at Realtor.com break down a few options available for potential buyers looking to buy a home without a substantial down payment. One option is a mortgage from the US Department of Agriculture’s Rural Developmentoffice, which provides 0% down payment mortgages to buyers in towns with populations of 10,000 or less (which covers 97% of the US!). Other options include mortgages from credit unions, VA loans, and down payment assistance programs . In addition to the options outlined in the video, nontraditional lending options like FHA loans are also a great way to purchase a home without breaking the bank with a down payment.
The TakeawayIf you’ve been holding back on purchasing a home because you haven’t been able to save a substantial down payment, you have options. Talk to your real estate agent and figure out which no (or low) down payment loan option is right for you.