Saving for a down payment can be one of the biggest hurdles when buying your first home. Fortunately, there are many programs designed to help reduce or eliminate that burden. FHA loans require as little as 3.5% down, and for veterans or active-duty military members, VA loans offer no down payment. USDA loans also require zero down payment for buyers in eligible rural and suburban areas.
In addition to these national programs, many states and local governments offer down payment assistance in the form of grants or low-interest loans. These programs are typically based on income and location, so it’s worth researching what’s available in your area. Employers sometimes offer homebuyer assistance programs as well, which can include down payment help or educational resources.
Taking advantage of these programs can help you save significantly on your home purchase. For more guidance on navigating these programs, check out First Time Homebuyers: Making Homebuying Easy, which offers a comprehensive guide to securing the financial assistance you need to become a homeowner.
