There’s a big gap between 20% down and nothing down at all. Instead of avoiding down payments entirely, you may want to consider putting down a smaller down payment. There are lending options that will allow you to get a loan with only a little bit of money down. For example, a 3.5% down payment might be an option.
Even if you don’t have the time to save a massive down payment, there is a very good chance that you’ll be able to get a loan. You might not be able to secure a no-money-down loan, but you can purchase a home with minimal money down.
Look At The Risks
There are a lot of risks associated with buying a home without putting money down, which is why a down payment is generally recommended. You should consider these risks when you’re deciding what you should do. That way, you’ll have the opportunity to make an informed decision.
Avoiding a down payment might allow you to get a house sooner. Still, it might be better for you to wait a little while so that you can save more. Consider all of your options before you make any decisions on what you should do.
Start looking into how you might be able to purchase a home with no money down. If this is a possibility for you, you’ll want to look for a lender that can give you the loan that you need.