Buying a Home
(with no down payment)
Quiz
Start
Congratulations!
You have completed this quiz!
Want a year of free rent reporting?
Enter for a chance to win!
Actually, they are for many families, not just for low income buyers!
All 50 states have down payment assistance programs and local programs with big incentives to buy. And the best part is most of these programs let people with higher income still qualify! In Texas and Florida, you can make up to $125k a year!
Got it!
States want you to move in and set up roots.
Homeowners are good for the economy, and states offer these programs so that buyers don't have to wait for years to have enough for a down payment. Attracting home buyers builds stability and growth for communities, and building equity and generational wealth for the families.
Got it!
You don't have to have a set amount of money in the bank to buy a home.
Here's the basic requirements:
- Debt-to-Income at 43% or less
- Stable income and 2 years of consistent employment
- Documentation, like bank statements, paystubs, statements and tax returns.
- 2 open credit accounts (each at least 1 year old)
- Credit score minimum requirement
- Down payment (but many qualify for assistance programs)
Got it!
It's not required to have a 720, but it is recommended.
The credit score requirement is between a 620-720. If you are a veteran or active service member, the requirement is a 580. If you can get your credit to 720, you will be in the next tier of financing, and save money in interest over the life of the loan!
Got it!
Rental Kharma was made to help you buy a home.
When you add your current rental to your credit, you're adding age as well as payment history. If you've been renting for at least a year, you're fulfilling one of the account requirements for your loan, as well as increasing your credit score quickly!
Got it!
Actually, it means a lot of things!
- You cannot have owned a home in the past 3 years
- You are a stay-at-home or single parent who jointly owned a marital home in the past three years with your spouse
- If you have not solely owned a marital home or solely or jointly owned any investment or second properties.
Got it!
Homebuying Quiz
Wendy Massengill
Created on October 6, 2025
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Transcript
Buying a Home
(with no down payment)
Quiz
Start
Congratulations!
You have completed this quiz!
Want a year of free rent reporting?
Enter for a chance to win!
Actually, they are for many families, not just for low income buyers!
All 50 states have down payment assistance programs and local programs with big incentives to buy. And the best part is most of these programs let people with higher income still qualify! In Texas and Florida, you can make up to $125k a year!
Got it!
States want you to move in and set up roots.
Homeowners are good for the economy, and states offer these programs so that buyers don't have to wait for years to have enough for a down payment. Attracting home buyers builds stability and growth for communities, and building equity and generational wealth for the families.
Got it!
You don't have to have a set amount of money in the bank to buy a home.
Here's the basic requirements:
Got it!
It's not required to have a 720, but it is recommended.
The credit score requirement is between a 620-720. If you are a veteran or active service member, the requirement is a 580. If you can get your credit to 720, you will be in the next tier of financing, and save money in interest over the life of the loan!
Got it!
Rental Kharma was made to help you buy a home.
When you add your current rental to your credit, you're adding age as well as payment history. If you've been renting for at least a year, you're fulfilling one of the account requirements for your loan, as well as increasing your credit score quickly!
Got it!
Actually, it means a lot of things!
Got it!