This is the closest option to "free money". Funded largely by federal block grants and state initiatives, these are aimed at helping buyers bridge the cash gap needed to close on a home.
: These act as a secondary loan with 0% interest and no monthly payments. As long as you remain in the home as your primary residence for a set timeframe (often 5 to 10 years), the lien is fully wiped out. If you move or refinance early, you pay back a prorated portion. government funding to buy a house
( U.S. Department of Housing and Urban Development ): Insured by the Federal Housing Administration, these require a down payment of just 3.5% with a minimum credit score of 580. This is the closest option to "free money"
( U.S. Department of Veterans Affairs ): Backed by the VA for active duty service members, veterans, and surviving spouses. These boast excellent interest rates and require $0 down payment with no ongoing monthly mortgage insurance. As long as you remain in the home