There are many local, federal and non-profit organizations that are able to help eligible individuals acquire a down payment. There are also loans for which down payments are greatly reduced or not needed at all.
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Some government programs combine FHA loans with down payment assistance. This kind of program generally provides the down payment for families whose combined income does not reach over a certain figure, usually $38,000. In this case, the down payment does not need to be repaid until the house is sold. Also, this kind of loan would be interest free.
Loans insured by the Veterans Administration eliminate the need for down payments. Potential homeowners who have served in the military may be eligible. A VA loan also has low fixed interest rates and low monthly payments.
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