: "Free money" that doesn't need to be repaid (e.g., Bank of America's Home Grant offers up to $7,500).
: State and local agencies offer grants or forgivable loans to cover the 3%–3.5% required by FHA or conventional loans.
: You start with zero equity. If home prices dip, you could immediately owe more than the house is worth (negative equity).
: Reserved for military service members, veterans, and eligible surviving spouses. No Down Payment : Finance up to 100% of the home's value.
: Determined by your ability to repay rather than a fixed cap.
: While the down payment may be zero, you still need to plan for "earnest money" deposits, inspections, and appraisal fees.