: Nearly every state has a Housing Finance Agency (HFA) offering grants or silent second mortgages to first-time buyers [2].
: Offered by private lenders to physicians, dentists, and sometimes lawyers or CPAs. These often allow 0% down with no private mortgage insurance (PMI) based on high future earning potential. 💰 Down Payment Assistance (DPA) how to buy your first home with no money
: A good faith deposit (usually 1% to 2% of the purchase price) submitted with your offer [2]. This is usually credited back to you at closing, but you need the cash upfront. : Nearly every state has a Housing Finance
Even with a 0% down payment loan, buying a home is rarely 100% free at the closing table [1]. 💰 Down Payment Assistance (DPA) : A good
: 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].
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: 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].