No. In certain circumstances, you don’t need to make a down payment to secure a home loan. In addition, you may use gifts, grants, or cash to fund your down payment. For more assistance, just ask our home loan experts. We can help you find options that require little or no down payment.
We frequently work with first-time home buyers to determine the best loan for their needs. Several options are available:
To qualify, a buyer typically must meet standards for minimum credit score, maximum debt ratio, and specific income guidelines.
Some of these loan programs offer incentives to first-time home buyers. And in many cases, the programs don’t actually require the borrower to be buying a house for the very first time. Instead, ask yourself, “How long has it been since I owned a primary residence?” If the answer is more than three years, you may qualify (for a second time) as a first-time home buyer.
Get prequalified. Prequalification* is a process in which you provide your lender with information about your finances, and your lender reviews this data and gives you an estimate of what you might be able to borrow. Although this process is not guaranteed, it is free and offers several benefits. Prequalification* can help you shop with confidence, show sellers that you’re serious, and may give you some negotiating power when you’re ready to make a purchase.