There are options for those who do not have or don't want to put money down on a home purchase. My advise is to first carefully consider whether buying a home is right for you at this point in time. Having the ability to put money down is a strong indicator that you are indeed ready to buy, however it is not the only indicator. If you are able to regularly paying rent and have a good credit score you may indeed be ready to be a home owner. Fact is, in most cases buying costs about the same as rent however, you can gain equity as a home owner and eventually freedom from that monthly payment.
The other folks who chimed in are absolutely correct in their assessment of FHA, VA and don't forget some of the great KHC and Rural Housing loans as well. Bottom line if you are ready to be a home owner, there are some very good options available to you.... more