Wondering if you can buy a house with zero down payment? Talk to a mortgage broker today to find out how you can take advantage of first time home buyer assistance to do exactly that. A broker can point you to a first-time homebuyer program in Colorado Springs that will allow you to purchase a house with no money except standard closing costs. Your broker can also present to you other options that require much lower down payments—as a little as 3%, in some cases.

No down payment USDA loans

The US Department of Agriculture (USDA) offers 100% financing under its Rural Housing Loan Program (Section 502). Although it’s called a “rural loan,” it is available for some suburban neighborhoods. The USDA’s goal is to help home buyers with low to moderate incomes even if they are buying in areas that don’t fit the traditional definition of “rural,” such as less-populated suburbs.

Financing a home purchase via a USDA loan is easily one of the lowest-cost methods for buying a house. A mortgage broker can help you with the application process while improving your chances of getting an approval.

Low down payment FHA loans

If you have some money saved up and can afford a 3.5% down, then an FHA mortgage might be worth looking it. The FHA’s credit-score requirements are pretty liberal, which is why this type of loan is popular with buyers who have less than stellar credit histories. A mortgage broker can determine your FHA eligibility and help you find the right lender, too.

Low down payment HomeReady™ Mortgage

Can you afford a 3% down? The HomeReady™ mortgage (backed by Fannie Mae) offers below-market rates and lower insurance costs. This loan’s unique feature is that it considers the income of all the people living in the home, making it ideal for multi-generational households. For instance, if you’re a homeowner and your income-earning parents live with you, you can use their income for qualification purposes. Or if you have income-earning adult children living with you and contributing to household expenses, you can use their incomes to qualify.

These are just some examples of how you can buy a home without much money for a down payment. Mortgage brokers can present first time home buyer assistance or programs that you may be eligible for.