Despite what you may have heard, you can buy a home without a down payment or with a small down payment. If you have good credit but minimal savings, you may consider: First time buyers programs: These programs may be supported by your city or a local housing agency and may pay your down payment for you. Some programs may only require you to pay a few hundred of your own money down. FHA loan: These loans are available to U.S. citizens and residences and only require you to pay 3.5 percent down. Accepted credit scores are also lower than traditional bank loans. VA loan: These loans are available without a down payment and do not require private mortgage insurance. Current military members, veterans, reservists and National Guard members may qualify for this loan. You may consider seeing if you qualify for a Navy Federal loan as well. USDA loan: These loans are offered in certain rural and suburban areas for those who have a low or moderate income. Some are intended to help update and repair homes. They may be called rural repair and rehabilitation USDA loans or grants. 97 percent loans: These are Fannie Mae loans with 97 percent financing. You only have to pay three percent down on these loans.