Here’s How to Buy a House with No Money Down

Here’s How to Buy a House with No Money Down



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So you’d like to buy a house, but you know you’ll never be able to save up a down payment. Because that’s a lot of money! You feel like it would take a million years to save that much.

News flash: You don’t necessarily have to put money down. In fact, you might be able to buy a house with no down payment at all.

How? A mortgage lender named NASB knows how. 

North American Savings Bank specializes in helping families buy homes. The advantages of putting no money down? First, you won’t have to dip into your savings. Second, you can get into the housing market immediately, instead of waiting for years, while home prices keep going up and up and up.

Several Ways to Buy a Home with No Money Down

Here are some of the options that NASB offers:

  • Zero Down Home Loan Program: This program allows people with a credit score of at least 700 to get started on the home loan process — with no money down. You don’t have to be a first-time homebuyer, and NASB doesn’t have maximum income restrictions. 
  • VA loans: Veterans, active-duty military and surviving spouses are eligible for mortgages guaranteed through the U.S. Department of Veterans Affairs. No down payment is required. You’re also eligible if you’ve served at least six years in the National Guard or Reserves.
  • FHA loans: These loans do require a down payment, but a fairly small one. The Federal Housing Administration insures these mortgages, so that protects your lender in case you default on the loan. These loans have smaller down payments and lower closing costs than conventional loans.

With a credit score of 580 or more, you can qualify for an FHA loan with a down payment of only 3.5% of the home’s purchase price. If your score is lower than that — between 500 and 579 — you’ll have to put 10% down.

Special Circumstances? Try Anyway

Maybe you’re self-employed, a small-business owner, have had a recent career change or have other unique circumstances that might make getting a mortgage seem especially challenging.

NASB is more flexible than other lenders. Instead of just looking at your credit score and calling it a day, NASB will consider your entire financial history, including your track record of paying bills and making rent payments. That way, you have a better chance of qualifying for a mortgage.

If you’ve never heard of NASB, just know that it’s one of the top 25 lenders of VA loans, according to LendingTree and one of top 100 mortgage lenders in the U.S.

It’s old enough to have been in business for nearly 100 years — it was founded in the 1920s. But it’s also innovative enough to have been one of the first banks to start doing mortgages online. 

To get started, answer a few questions, then a loan officer will help you figure out whether a zero down home hoan, VA loan, FHA loan or conventional mortgage is the best fit for you.

You may not have to put any money down at all.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He makes a mortgage payment every single month.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.



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