Can I put 0 percent down on a house?


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While it’s harder to find a “no money down” mortgage than it was before the Great Recession, it is still possible for certain home buyers. Several loan programs allow you to put no money down on a house, but you must meet the qualifications. If you’re a veteran, you may be eligible for a Veteran’s Administration loan requiring no money down.

If you meet the limited income requirements, some credit unions and banks offer no down or low down payment loans. That’s usually a maximum of 80 percent of the area’s median income, but you’ll need very good credit to qualify. Your state may offer zero or low money down mortgages to buyers meeting certain criteria.

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What to remember

Since zero percent down means you will pay more in interest over the life of the loan than someone who put down 10 to 20 percent or more, it does make sense to put the down payment you did not use toward interest. Remember that with a conventional mortgage, if you put less than 20 percent down on a house, you must pay for private mortgage insurance.

We recommend reading the article about what is a standard down payment.

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