A host of private lenders offer low-down payment loans. The U.S.Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 4 to 5 percent cash down. Loan limits vary depending on the county where the property is located. Fannie Mae has a program allowing people to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans.
Closing costs vary from one transaction to another and often total in the thousands of dollars.
They may be paid up front or added to the buyer's loan balance. However, anxious sellers may offer to pay some or all of the costs to induce a sale. In recent years, buyers have paid for agent services in some cases.