Can you still buy a house without a down payment?

Question

My wife and I would like to buy a house or condo, but are in no way able to come up with even a small downpayment. Can you still find zero down mortgages?

Answer 1

Nope. Lenders have decided that a down payment is needed to show that you have the financial ability to pay. If you can’t save for a down payment, how can you have an emergency fund?  And without an emergency fund, where would you get the money to cover an unexpected expense?

From the lender’s point of view that money is likely to come from what you would have used to pay your mortgage, and that makes you too high a risk.

Answer 2

Yes you can buy a home with little or no down.  However there are many stipulations to your loan.  I would try a company call NACA first.  This loan is all dependent on your income.. but I would try there first... good luck   http://www.naca.com/index.jsp

Answer 3

Yes but most of them have higher interest rates and higher payments.Check with the different loan companies. Fannie Mae does this but right now they are having some problems also.

Answer 4

You might be able to qualify if you have excellent credit, little to no debt, and some assets. Look for an FHA or VA loan.  

I think you should save up at least 5%.  Ten or twenty would be much better.