It’s a crucial question for many first-time and moderate-income buyers in rebounding markets across the country: Where do we find the lowest-down-payment, lowest-monthly-cost loans? The answers are changing.
True zero-down alternatives are rare and tend to be tightly restricted. If you’re a veteran or active military, a VA-guaranteed home loan might be ideal since it requires no down payment. The same is true for certain rural housing loans administered by the Department of Agriculture, but purchases must be in designated areas outside large population centers. Members of the Navy Federal and NASA federal credit unions can qualify for zero down financing, but those programs are closed to everybody else. Some state housing programs may also be helpful, but they often come with income limits and other requirements.
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