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 Little (3%-5%) to Zero Down Payment
Some mortgages have no down payment requirements. Others require as little as 3% or 5% down payments. Others raise the maximum debt-to-income ratio, allowing you to qualify for a mortgage payment that is a larger percentage of your monthly income.
Other lender flexibility includes:
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Additional sources of money for the down payment, like a federal, state or local government agency, nonprofit organization, employers, private foundation or family member
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Expanded debt-to-income ratios (sometimes, up to 33% of gross monthly income for housing expenses and 38% for total monthly debt expenses)
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Options for people with limited incomes in high-cost areas
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Homebuyer education programs
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Lower mortgage insurance costs
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Seller contributions to your closing costs
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Also, some lenders offer financing in two different loans or piggybacks: 80/20, 80/15/5, 80/10/10, where the first number is 80 percent of the purchase price and represents the first mortgage. The second number is 20 percent of the purchase price and represents a second mortgage. The third number is your down payment. These numbers can change depending on the type of loan program and depending on your down payment amount.
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