Where to find $0 down programs for first time buyers

I have a young couple that are interested in buying my property. They have decent credit, but little money for the down payment. I know there are programs available for first time buyers, but I don’t know where to point them. Can anyone give me some pointers?


Hi Wilson, I stumbled over this site that helps buyers with downpayments. Thought it may help you in your situation.





Thanks for the reply. The web site is down right now so I’ll look at it later to see if it helps. I am not sure these kids can afford the house that they want, but I’ll do what I can for them.



there are FHA programs that are available with rates in the 5s right now that will allow as little as 3% down. Also, tell them to contact a mortgage broker who deals with GMAC. I’m in the industry and have put my borrowers through GMAC’s “100% Flex” program. As long as their FICO scores are in the 600s and they make decent money there should be no problem getting them 100% financing.

Hope this helps,



Thanks for the information. I guess that I will need to find a mortgage broker that works with GMAC that seems to want some business. The only one that I have ever dealt with took forever to get anything done on my loan, but I had thought that it was the mortgage company that was dragging their heels. I have some friends that I sent to him to get re-financed and it took about 8 months to get it done. Any suggestions where I might find a good one?


100% 1 loan and no mortgage insurancearee readily available on the market.
plenty of couples are taking advantage of low rates and no money down allowing them being able to keep more in their 401(K) and investments.
The down payment assistance programs can be misleading and cost the seller and buyuers more than a 100% loan.If they are tied to a local bond issue then it can tie someone to the property for up to 10- years!Most people are in their 1st homes from 3-5 yrs do to life changes, family size, jopb and such.
Best regards,

Wilson, many people will recomend lenders such as GMAC. GMAC is a very reputable company, but is a “retail” lender. This means they MUST mark up interest rates from the rate they buy money at to ensure a profit. Call GMAC and give them a full applicaiton and get interest rates, total fees and a good faith estimate.