Can You Buy a House Without a Down Payment?

With the El Paso County Bond Money Program, you can get a grant that you don't have to pay back.

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If you don't have money for a down payment, can you still buy a house?

Absolutely.

In fact, there are a lot of down payment assistance programs out there right now that are great for homebuyers. I think the best one right now is the El Paso County Bond Money Program, which is a turnkey program that allows you to buy a house with zero money down. Using an FHA loan, El Paso County will grant you that money for your down payment.

Since it's a grant, you don't have to pay it back and there's no interest. Of course, there are qualifications for this program, but it's the program that I would recommend the most.

There are a couple other great options like C.H.A.C. and C.H.A.F.A.

C.H.A.C. (Colorado Housing Assistance Corporation) and C.H.A.F.A. (Colorado Housing Finance Authority) both allow you to get into a home with no money down. You might need $1,000 in earnest money to put down on a house, but in most cases, you'll be able to get that back at closing.

 

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With the El Paso County Bond Money Money Program, you can get a grant that you don't have to pay back.

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Basically, you can have no savings and buy a house. How great is that?

If you have any other questions about buying a home, don't hesitate to give us a call or send us an email soon. We're here to help.