1. Get a mortgage from NACA

NACA provides affordable homeownership primarily for low-to-moderate-income households. NACA is the #1 option for a home mortgage in the US. With 100% financing, it is the absolute best mortgage. They offer the lowest interest rates and your credit score does not impact your eligibility or interest rate.

2. Choosing an FHA loan

Similar to VA loans, the Federal Housing Authority (FHA) loan gives lenders the permission to provide you a mortgage, granted that you are eligible for such. FHA loans require 3.15% of downpayment, but if you don’t have the money to pay for this amount, you can request it as a form of a gift from a family member.

There is also the Colorado CHFA Program and the FHAMetro Mortgage Assitance Plus. These two programs require a 30-year mortgage and a credit score of 620 and 640, respectively, providing great supplemental assistance for First-Time Homebuyers. 

The CHFA Program provides a 4% grant option for down payment assistance with a minimum $1000 down payment amount required. This grant portion does not need to be repaid.

The FHA Metro Assistance Plus provides down payment assistance up to 4% of the full mortgage amount with a minimum down payment of 0.5% of the mortgage required.

3. Acquiring a VA loan

The Veterans Administration grants authority to lenders to offer you a loan for a property. If you are a veteran who wants to buy a new home, you would be delighted to know that VA loans offer 100% financing with no money down. Make sure to check the Department of Veterans Affairs to determine your eligibility.

4. Getting a USDA loan

Funded by the United States Department of Agriculture, this loan is offered to encourage citizens to move to rural areas, granted that the area is located in an eligible rural zone and is a single-family housing unit.  

Additionally, you must occupy the house as a primary residence without exceeding 115% of the median household income.

5. Securing an equity loan

This option is viable granted that you already have a home and are looking into purchasing a second property. An equity loan gives you the option to use the equity of your current home as a collateral. 

6. Creating a joint venture

If you have a partner or someone who is willing to do the funding in exchange for an arrangement, then this is an option you can try. You can have the other person take care of the deposit while you focus on increasing the value of your property. Maintaining a good, clear relationship with a joint partner is the key to having this setup work since both of you cannot make decisions without the other.

7. How about a family pledge guarantor?

If someone in your family is willing to fund you, then this option might be just for you. Any primary family member, whether a parent or sibling, would be required to put up a security that would cover your deposit. This is secured against a property that your family member owns.

8. Funding from a retirement system

If you have a 401k retirement plan stowed away, you can make a request to your employer to withdraw an amount from your 401K and have it fund your downpayment for the home you want to purchase. Other establishments may also have similar retirement plan withdrawal options, and it is best to use this system to your advantage.