Can You Buy a Home Without a Down Payment?

William_Potter/Getty Images/CNET If you've been waiting for home prices to go down soon, you're also probably wondering: How can anyone afford a down payment in today's expensive housing market? While most experts recommend forking over 20% of the purchase price upfront, certain buyers are eligible to purchase a home without any down payment. You'll have to consider the drawbacks and determine if it's the right move for your finances. What are no-down-payment mortgages? A no-down-payment mortgage doesn't require you to put any money toward the purchase price of a home. Instead, you can borrow up to 100% of the price. However, these options usually come with a higher interest rate and steeper monthly payments. Also, since you're putting down less cash upfront, you'll pay more in the long run from taking out a larger loan that racks up more interest. That's why most buyers don't take this route. In 2024, first-time buyers typically made a down payment of 9%, according to the Nationa ... Read full article.