Can You Buy A House Without A Down Payment?

Buying a home without a down payment may sound like an impossible dream, but it can be done. There are several different ways that you can purchase a home without having to put any money down. While saving up for a down payment is often the best option, there are other alternatives that may work better for you and your financial situation.

In this article, you will learn about different methods of buying a house without needing to make a down payment. We will discuss the pros and cons of each method and explore some creative solutions that may help make homeownership possible for those who cannot afford the traditional 20% down payment.

What is a down payment?

A down payment is the amount of money that you put towards the purchase of a home. The down payment is typically a percentage of the total home price. For example, if you are buying a $200,000 home and you have a 20% down payment, you will need to put $40,000 down.

There are a few different ways that you can come up with the down payment for a home. You may have savings that you can use, or you may be able to get help from family or friends. There are also some programs that can assist with the down payment, such as grants or loans.

The size of your down payment will affect your monthly mortgage payments and the interest rate that you pay on your loan. A larger down payment means that you will have a lower monthly payment and a lower interest rate. If you have a smaller down payment, your monthly payments will be higher and your interest rate will be higher.

Can you buy a house without a down payment?

If you have the income and creditworthiness to qualify for a mortgage, you may be able to buy a house without a down payment. There are a few ways to do this, including getting a mortgage with a government-backed loan program or finding a lender that offers 100% financing.

If you have good credit and steady income, you may be able to get a mortgage without a down payment. There are a few ways to do this:

1. Look for lenders that offer 100% financing. These types of loans are typically available through credit unions or small banks.

2. Apply for a government-backed loan program. The Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) both offer programs that allow qualified buyers to purchase a home with no down payment.

3. Find an investor who is willing to finance your purchase. This option is often available when purchasing fixer-upper properties. The investor will provide the funds necessary for the purchase and may also charge interest on the loan.

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How much of a down payment do you need?

You may have heard that you need a 20% down payment to buy a house. That’s not true, but a higher down payment does generally lower your monthly mortgage payments. You don’t need nearly as much money as you think to buy a home – in some cases, you can even buy a home with no down payment at all.

FFS Mortgage is proud to offer our clients several low and no down payment mortgage options. We understand that saving for a down payment can be difficult, especially if it’s your first time buying a home. With an FFS Mortgage, you can get into the home of your dreams with little to no money out of pocket.

If you do have some money saved for a down payment, there are still plenty of low down payment options available to choose from. You can put as little as 3% down on an FHA loan if you have good credit and meet other requirements. Or, if you’re a veteran or active military member, you may be eligible for a VA loan which requires zero down.

If you have questions about how much of a down payment you need or which type of loan is right for you, our experienced mortgage experts are here to help. Give us a call today at 1-800-FFS-MORTGAGE to discuss your options and find the perfect fit for your financial situation.

What are the benefits of putting a down payment on a house?

The most obvious benefit of putting a down payment on a house is that it lowers the amount you have to borrow. This, in turn, means that you’ll have lower monthly mortgage payments. A smaller loan also means that you’ll pay less interest over the life of the loan.

Another benefit of a down payment is that it shows lenders that you’re serious about buying a home. When you put money down, it shows that you have skin in the game and are less likely to default on your loan. This can help you qualify for a better interest rate and could save you thousands of dollars over the life of your loan.

Last but not least, a down payment can help you build equity in your home faster. Equity is the portion of your home’s value that you own outright. Every time you make a mortgage payment, a portion of that payment goes toward reducing the principal balance on your loan. The more equity you have, the more options you’ll have if you need to sell or refinance your home down the road.

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Are there any programs that can help you with a down payment?

There are a number of programs that can help you with a down payment on a house, including:

-The First-Time Home Buyer’s Tax Credit: This is a federal government program that offers a tax credit of up to $750 for first-time homebuyers.

-The Home Buyers’ Plan: This is a program offered by the Canadian government that allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) to use as a down payment on your first home.

-The Landed Immigrant Loan Program: This program is offered by the provincial government of British Columbia and provides loans of up to $375,000 to help immigrants with the purchase of their first home.

-The Newcomers to Canada Program: This program is offered by TD Canada Trust and provides newcomers with interest-free loans of up to $50,000 for their down payment.


If you’re looking to buy a house without having to make a down payment, there are several options available. You can look into using government-backed loan programs that offer loans with no down payment or lower credit requirements.

However, it is important to remember that most of these programs will require you to pay PMI and other fees which may be more expensive in the long run than if you were able to make a large down payment upfront. Ultimately, the best decision for your own situation will depend on what works best for your finances and budget.