You always have FHA, which only requires a 3.5% down payment and doesn't come with any of these other restrictions. I suggest you speak with an experienced loan officer who has these programs available and see which would be a good fit for you.
Good luck, and feel free to email me with any questions!
Sterling National Bank
Senior Loan Officer
1st Mariner Mortgage
Lending in ALL 50 states
Or, if you'll have some cash in, say, 6 months or a year, you do a contract with no money down today, but $x thousand in 12 months.
Figure out what you can offer--generally in the way of monthly payments and cash at some point--play around with those numbers until you're comfortable, and start making offers.
Hope that helps.
Just because there aren't a variety of No Money Down options, doesn't mean that you are out of options. There are a great deal of mortgage products out there, especially if you have stable, documented income and good credit. Your best bet is to speak to a reputable mortgage banker (or two) to discuss what your best financial path to homeownership is.
Hope this helps!
Lenders are demanding that Buyer have an Equity stake in their houses.
That said; there are some programs out there to help, particularly First-Time-Buyers.
Most of these programs are Local. Islip may be among them.
Please contact a local Realtor for their expertise.
Good luck and may God bless