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Is it truly possible to purchase a house with zero down payment, and if so, what are the potential drawbacks or consequences of doing so?

VA loans, backed by the US Department of Veterans Affairs, offer zero down payment options for eligible veterans, active-duty military personnel, and surviving spouses.

The USDA's Rural Development program provides zero down payment mortgages for low-to-moderate-income borrowers in rural areas.

Some credit unions and mortgage lenders offer 100% financing options with zero down payment requirements.

Down payment assistance programs, like the Department of Housing and Urban Development's (HUD) Good Neighbor Next Door program, can help homebuyers with minimal upfront costs.

Zero down payment mortgages often come with higher interest rates or fees to compensate for the lack of upfront payment.

To qualify for a VA loan, borrowers must have a valid Certificate of Eligibility and meet the minimum credit score requirement, typically around 620.

The USDA's Direct Loans program provides low-interest, fixed-rate mortgages with zero down payment options for very low-income borrowers.

FHA loans, insured by the Federal Housing Administration, require a down payment as low as 3.5% of the purchase price.

Some mortgage lenders offer grant programs, like Rocket Mortgage's "Zero Down Payment" offer, which can cover up to 2% of the purchase price.

USDA loans have income limits, which vary by location and family size, to ensure the program benefits low-to-moderate-income borrowers.

The VA's funding fee, ranging from 1.25% to 3.3% of the loan amount, is waived for disabled veterans and Purple Heart recipients.

Zero down payment mortgages may have higher monthly payments due to Private Mortgage Insurance (PMI) or higher interest rates.

USDA loans have a 1% upfront guarantee fee and an annual 0.35% fee, which can be financed into the loan.

Some down payment assistance programs, like the National Homebuyers Fund, offer grants up to 5% of the purchase price.

Borrowers with low credit scores may be eligible for FHA loans with a down payment as low as 10%, but must pay mortgage insurance premiums.

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