Buying a home with no money down can help you stop paying rent and start building equity. With so many programs out there for first time home buyers, you can find a loan that will fit your budget. Before signing any paperwork though, look at all your lending options. With online lenders, you can often find better financing than with your neighborhood bank.
Many requirements are usually not met by main applicants but can easily be fulfilled by a co-signer. What one alone can't get, can be achieved by the power of two combined. When you apply with a co-signer, his credit score, income, credit history, assets, etc. are also taken into account at the time of loan qualification and if either you or the co-signer fulfills a requirement, it is considered to be covered by the two of you.
You might not believe it but you can find lenders offering mortgages with nothing down. Of course, you'll pay a higher rate, but you can look at the possibility of buying a house despite your lousy credit. Better yet, if you write one you'll be able to slough off your bad credit history and start to live again. Normally, these loans do not require private mortgage insurance either.
I guess you have heard of 'no-deposit home loans?' If you told me, a couple of years ago, that you could get money for a loan with nothing but a guarantee of solid future earnings, I would have thought you were completely insane. However, nowadays this is a common occurrence. While the major banks hesitate to take risks like that, many newer and more adventurous lenders are taking this chance. Thus, many new homeowners with no deposit loans are really happy
