You can still buy a home with no down payment even though many lenders have tightened up their guidelines on lending to buyers who do not have the available funds for a down payment. There are also a lot of programs available for homeowners with only 3% down as well that you may be able to qualify for if you do not qualify for a zero down home loan. A mortgage professional will be able to figure out whether you qualify for a zero down home loan or what exactly you do qualify for.
Many borrowers have no down payment decision to make because they don’t have the money for one. Their challenge is qualifying for a loan without a down payment, for which purpose excellent credit is critically important.
Even with 100% financing for a purchase you will still neet to have some money for closing costs. One alternative to paying closing costs your self if to negotiate for the seller to pay a portion of your closing costs, this is called a "seller assist".
You can buy a home with no down payment by qualifying for a 100% loan program using a Fannie Mae or Freddie Mac product.
These 100% Programs are great to get you into a home at minimal cost, but remember most, if not all of these programs will have Mortgage Insurance added to the rate, increasing your rate 1% or greater.
The US government is sponsering several programs to help Americans enjoy the benefits of home ownership. Some of these programs are based on income requirements and and can offer interest only payments and Low mortgage insurance premiums.
If you are a veteran, you may qualify for VA Home Loan Financing. There is no down payment required and you may be able to negotiate with the seller can pay all of your closing costs.