Most people assume that you need a significant down payment in order to buy a house. This is partially correct in some cases but it is possible to purchase a home without putting any money down. The majority of these programs are available to veterans and those who reside in rural area area. Let's take a look at the top home loan programs without any down payment requirements.

The Navy Federal credit union offers home loans to veterans of the military. The financing is 100% covered by the credit union and the funding fee is 1.75% less than that of VA loans. The credit union offers 15 and 30 year term loans with fixed monthly payments and personal guidance until the loan is closed.

Another loan option that is available to veterans and doesn't require any down payment is the VA loan. This loan is guaranteed hundred percent by Veterans Affairs. Best Rate USA reports that VA loans include zero private mortgage insurance costs. A funding fee is required in the fee varies depending on which military branch the veteran served in. Buyers are generally able to receive favorable terms since the loan is guaranteed by the VA.

One of the most popular their down payment loans is the USDA loan which is distributed and mostly rural and a few suburban areas. The intent of the program is to make homeownership affordable for families with lower incomes. Income requirements are very strict and you cannot exceed the income limits which very depending on the state and county of residence. This program has helped over 650,000 families purchase a home with no down payment since 2009. Statistics show that North Carolina currently has a highest amount if USDA home loans.