Buying a House Without a Down Payment

So many families dream of the day they can buy their own home. But unfortunately, many families who would otherwise qualify for a mortgage are unable to do so because they lack the down payment, and saving for one seems impossible.

In an attempt to break the cycle, there are several programs that allow you to receive a gift of your entire down payment and usually the amount of your closing costs as well. And yes, since it is a gift, it means there is no requirement for you to pay it back. And the program is good for houses up to about $300,000, depending on the program.

How does it work? You need to contact your mortgage lender, and state you are interested in using a down payment gift or assistance program. If they agree, you can then work with your builder or realtor to complete the required steps to qualify.

You do not have to be a first-time homeowner to apply, and you can also use it towards a townhouse, condo or multi-family home, as long as the recipient of the gift lives there.

You can even use the gift towards a brand new home, and even with a home you are having custom build for you and your family.

There is an application fee to apply, which varies depending on the program, and most allow you to apply for a gift online, and some also allow you to check and confirm applications online.

There are several charities that offer this down payment gift program. For a complete list, see the Women's Finance Down Payment Gift Programs list at

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