One of the first thoughts when contemplating a home purchase: What about a down payment? It quickly goes from a thought to a burden. The myth that most people believe is that you need 20% of the sales price saved up for a down payment in order to proceed. While it's a great goal to meet, these days, there are several options that require little to no down. Let's unpack possible options for the question: can you get a mortgage with no money down.

USDA mortgage loan options

What's a USDA mortgage, you ask? It's a zero-down mortgage type that is available to eligible borrowers that are electing to live in a "rural area." If you're wanting to live more "in the country," this will be great for you. But there are also regions that fall under this classification just outside of metropolitan areas, making a lot more homes eligible than you would originally think. There are plenty out there, like yours truly, that are qualified USDA lenders who can help with guidance. Both with insight to a USDA loans map to see where is eligible, as well as USDA loan income limits. Making sure you don't make more than their threshold is an important eligibility factor.

A homebuyer assistance program

A homebuyer assistance program, also referred to as a down payment assistance program, may be key to how to get a mortgage with no money down. At least, none of your own money out of pocket. Most states in the U.S. have a homebuyer assistance program available to inquire about. If you are eligible for one, they often will offer some type of assistance for you to utilize toward both a down payment and closing costs. Though make sure when you're discussing these programs with your loan officer, that you differentiate whether the homebuyer assistance program is offering a grant or a second lien (an additional loan that you'll have to pay back over time).

Can afford at least a little? Meet FHA

Maybe you're one of the ones who has your finances down a little more than some of us (kudos to you, really). If you've got a decent savings down and feel like you can at least afford something toward a down payment, an FHA loan may be your go-to. Firstly, it's a popular option among those who are first-time home buyers. Mostly due to the fact that FHA loans have more flexible eligibility requirements than others. On top of that, if your eligible, these loans only require a 3.5% down payment. Which is obviously a lot better of an option than a 20% down payment to have to save for. 

Can I use a personal loan for down payment on a house?

This is pretty much a major no-no. Like SFGate states, most lenders require a down payment seasoning. No, not like the bottle of Italian herbs in your cabinet. This type of seasoning entails having those funds in your own account for several months, and being able to verify this, in order to prove that it is in fact your own funds. A down payment helps a lender be confident that you have both the funds and the responsibility to take on financing. And the monthly payments that come with it. 

The initial step toward homeownership doesn't have to be as burdensome as most make it seem. The age old saying of "where there's a will, there's a way" is very applicable to the home financing process. Want to know what your options might be on how to get a mortgage with no money down? Contact a loan officer and see what you might be eligible for.

Talk to a loan officer.