A major hurdle for some first-time homebuyers is coming up with the funds for a down payment or closing costs on their home purchase. According to a recent Bankrate.com survey non-homeowners were asked what percentage of the total cost they would need to contribute as a down payment on a potential home purchase. Nearly 2 in 10 said somewhere between 11% and 20%, while another 17% said between 6% and 10% down.
Even more notable, almost a quarter of non-homeowners said they had no idea how much they would need for a down payment to buy a home. Here are 7 loan options for eligible homebuyers who wish to buy with little to no money down.