First time buyers love zero down loans and understandably so. They often have student loans to pay off, maybe a car loan or two, and have not been at their current job for long enough to save up a lot of money.

No, I’m not stalling about answering the question “Are there any zero down loans left?” The answer is Yes. But, they are far less common than they were a few years ago. Now you have two main options but they have some serious restrictions.

• VA (Veteran’s Administration) Loans. To be eligible, you must be a veteran, active duty personnel, a Reservist/National Guard member, or some surviving spouses. You should check the VA site for Eligibility Rules or talk with your knowledgable Mortgage Pro.
• USDA Rural Housing Loan. You’ll need to buy a home in designated “rural” areas to get this zero down loan but don’t let the word rural fool you. Many of these areas are in towns of over 15,000 people. It can also be a normal home on a city lot so don’t worry that you’ll have to buy a farm and raise pigs! Checkout designated areas & program details

Smaller banks and credit unions. Besides the “Big 2″ programs above, you may be able to find a zero down program from your credit union or local bank. Check around your area and ask your Buyers Agent & Mortgage Pro if they know of any. Some are limited to type of employment such as teachers, fireman, or member of a trade union.

State & Local Housing Programs. Your final possibility is to see if your area has a housing program that offers help with down payment grants or loans. Checkout the Fearless Homebuyer Resource Center and click on your state. We’ve done a lot of research to help you find what’s available. Know of any other programs? Let us know!

Those are really your only options right now. You can always hit up mom and dad for the down payment by telling them you want to get in on the lowest interest rates in history!

One more idea- some employers sponsor a grant program for employees so go talk with your Human Resources Dept.