It is possible to buy with very little money down. PHFA, USDA and VA loan all have no money down.
PHFA is throught the Pennsylvania Housing Finance Agency. USDA is the department of agricuture and limited to rural homes. VA if for veterans. Also certain counties have down payment assistance for the 3.5% FHA down payment. Montgomery County is one of them, Philadelphia is not.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
With a FHA loan, you can have your entire down payment gifted from a family member, which is a mere 3.5% investment towards your loan. FHA purchase loans are for owner occupants only.
Some times there may be a county or state or even city program that'll offer grants to cover your down payment but those are so few and far between these days with the current economic slump the country/states/counties/cities are in, I wouldn't count on that but if it's available, that's a nice perk if you can get it.
You most likely need as little as 3.5% down for a purchase today.
I have an excellent financier, who can answer all your questions factually.
Please email me if you would like his contact info , or if I can help you with real estate agent services.
The Barlow Group
Keller Williams Realty
Center City Philadelphia