You may wish to call a lender and check on FHA and VA loans programs that are available for homes in this price range. These loans may come closest to the no or low down you are seeking.
You may wish to read: http://sandiegopreviews.com/2008/04/29/san-diego-first-time-
Yes, it is possible. There are Downpayment Assistance Programs out there for people like yourself. As long as you qualify for the loan, or many have income limitations too. FHA has another loan program that will allow 99.5% financing. It doesn't have a fico limit, but it does have more fees and higher interest rate associated with it. They will mostly look at your credit history over the past 12 month to see if you're paying your bills on time. You can save yourself a bit of money, if you get your fico above 620, which is not that much. If you need any help, then please feel free to contact me any time.
Thanks Shy:) And she is here in the south bay...Torrance.
Unfortunately, in this market, no money down has for the most part disappeared. I do have some clients who can put as low as 3% down with FHA, however I have not recently seen any 0 down. You can get a more indepth and detailed answer of your options is you speak to a lender. If you need any references for mortgage brokers, please feel free to shoot me an email and I will refer a few to you to pick from.
Hope this helps,
LA Real Estate Group