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The other option would be USDA loan with area restrictions. Mostly DPA program has 1% down payment requirement. IHDA also a good option. You can reach me through my profile if you want list of program.
Good evening! Yes there are several programs available, depending on your area of interest, and income guidelines. Feel free to give me a call or an email.
You should contact some local lenders but there are programs out there that can help limit amount down. If you are a first time homeowner there are some 0 down loans out there! Good Luck!
If you are a Veteran (or the spouse of a Vet) you can get a home with no money down, especially when the seller pays your closing costs. If you are not a Veteran, once in a while, you can get credits to offset or negate your down payment from - tax credits, lender credits, down payment assistant programs - like IHDA (for Illinois Housing Development Authority), city credits, etc. However the lender may still want some down payment from the buyer - which would be credited back at closing, depending on the amount and combination of credits given. Mike Woods, Century21 Affiliated, Homewood, IL.
I would advise you to talk to a loan officer as each lender has their guidelines to follow regarding down payment. You might be approved for 1-3% down depending upon the loan eg. FHA ,conventional ,VA ( $1) . Contact a loan officer and good luck.
You usually have to put at least 1% of your own funds to purchase a home. It usually isn't too bad. Like putting a security deposit for an apartment but it is for you to purchase your home.