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Buying a house with little or no money saved is possible for some qualified buyers. Options such as VA or USDA loans, down payment assistance, grants, gift funds, low-down-payment mortgages, seller concessions, and seller financing can reduce the cash needed upfront. However, “no money” usually does not mean zero costs, as buyers may still have closing costs, inspections, insurance, or other expenses. Eligibility depends on factors such as credit, income, location, property type, and loan requirements. Can You Really Buy a House With No Money? Yes, some buyers can purchase a home with little or no money toward the down payment. However, you should not assume that a zero-down mortgage means zero cash is required at closing. You may still need money for certain expenses depending on the loan and transaction. Potential upfront costs include: Closing costs Home inspection Appraisal Earnest money deposit Prepaid taxes Homeowners insurance Mortgage-related fees Moving expenses Initial repairs Cash reserves Some assistance programs or seller concessions may help reduce these expenses, but the rules vary. The first step is determining exactly how much cash you need and which expenses can potentially be covered by another source. Option 1 — Use a VA Loan With No Down Payment For eligible veterans, active-duty service members, and certain surviving spouses, a VA-backed purchase loan can provide one of the clearest paths to buying a home without a down payment. The U.S. Department of Veterans Affairs states that eligible borrowers may be able to purchase a home with no down payment, provided the applicable requirements are met. VA loans may offer: No down payment for eligible borrowers Competitive financing terms No monthly private mortgage insurance Ability to purchase an eligible primary residence Options for certain types of properties However, borrowers still need to meet VA and lender requirements. You may need to provide: Certificate of Eligibility Income documentation Employment information Credit information Bank statements Other financial documents A VA loan can eliminate the down payment requirement, but it does not necessarily eliminate every closing expense. Option 2 — Consider a USDA Loan USDA home loan programs may help eligible buyers purchase homes with zero down payment in qualifying rural areas. The program is designed to help eligible buyers purchase primary residences in qualifying locations and within applicable income limits. USDA eligibility can depend on: Property location Household income Credit and underwriting requirements Primary-residence status Property eligibility Loan program requirements Not every home outside a major city automatically qualifies as a USDA property. If you’re considering a home in a smaller New York community, check the property’s eligibility rather than assuming it qualifies. Option 3 — Look for Down Payment Assistance Programs Down payment assistance can help qualified buyers reduce the amount of money they need to bring to the transaction. Programs may be offered by: State housing agencies Local governments Nonprofit organizations Housing authorities Lenders Community organizations HUD’s New York resources also identify down payment assistance and homeownership programs available to qualifying buyers. Assistance may come in different forms: Grants Deferred-payment loans Forgivable loans Low-interest second mortgages Matched savings programs Closing-cost assistance Each program has its own eligibility requirements. Some assistance may need to be repaid if you sell, refinance, move out, or fail to meet specific occupancy requirements. Always understand the repayment terms before accepting assistance. Option 4 — Use Gift Money for Your Down Payment Some mortgage programs allow eligible borrowers to use money gifted by qualifying family members or other approved sources. Gift funds can potentially help cover: Down payment Closing costs Other permitted purchase expenses Gift funds typically require documentation Your lender may require: A gift letter Donor information Proof of transfer Bank statements Evidence that the funds are genuinely a gift The money generally cannot be structured as an undisclosed loan. Before accepting money from someone else, ask your lender exactly what documentation is required. Option 5 — Choose a Low-Down-Payment Mortgage You may not need 20% down to buy a home. Some conventional mortgage programs allow qualified buyers to purchase with a relatively small down payment, while FHA financing can also reduce the initial down payment requirement for eligible borrowers. Low-down-payment financing can help buyers: Enter the market sooner Keep more savings available Avoid waiting years to accumulate a large down payment Preserve funds for repairs and emergencies However, a smaller down payment generally means borrowing more money. You should compare: Interest rate Mortgage insurance Monthly payment Closing costs Total loan cost Cash reserves The cheapest upfront option is not necessarily the cheapest option over the life of the mortgage. Option 6 — Negotiate Seller Concessions In some transactions, the seller may agree to contribute toward certain buyer closing costs. This can reduce the amount of money the buyer needs to bring to closing. Seller concessions may potentially help with: Eligible closing costs Prepaid expenses Certain lender-approved expenses Other permitted transaction costs The amount a seller can contribute depends on the loan type, transaction structure, property, and applicable rules. Seller concessions also depend on the seller being willing to negotiate them. A strong offer should account for the overall market and the seller’s priorities. Option 7 — Consider Seller Financing Seller financing is another potential way to purchase property without relying entirely on a traditional mortgage. Instead of receiving all financing from a bank, the seller may agree to finance the purchase under negotiated terms. A seller-financed agreement may establish: Purchase price Down payment Interest rate Monthly payment Loan term Late-payment terms Default provisions Ownership and title requirements Seller financing can be complicated, and both parties should use qualified legal and financial professionals. Never rely on a handshake agreement for a property purchase. Option 8 — Buy a Less Expensive Property Another way to reduce the amount of money needed is to purchase a less expensive property. A lower purchase price generally means a smaller down payment when a percentage-based down payment is required. Consider properties such as: Smaller homes Condos Fixer-uppers Properties outside high-cost neighborhoods Manufactured homes where eligible Homes requiring

Selling a home after hurricane damage can be challenging, especially when the property has structural problems, water damage, roof damage, or other costly repairs. However, homeowners have several options, including repairing the property, selling it as-is, listing it traditionally, or working with a cash buyer. The best approach depends on the extent of the damage, insurance coverage, repair costs, local market conditions, and how quickly you need to sell. Before putting the property on the market, it’s important to document the damage, understand your insurance claim, determine the home’s current value, and identify any repairs that could affect safety or legal requirements. Being transparent about the property’s condition can also help prevent problems during negotiations and closing. In this guide, we’ll explain how to sell a home with hurricane damage in New York, whether you should repair it first, how insurance claims can affect the sale, what disclosures may be required, and when selling the property as-is to a cash buyer may make sense. Can You Sell a House With Hurricane Damage? Yes, you can generally sell a hurricane-damaged home, even if major repairs have not been completed. The challenge is finding a buyer willing to purchase the property in its current condition and determining a price that reflects the home’s condition. A damaged property may attract: Real estate investors Cash buyers Contractors Experienced renovators Fix-and-flip investors Buyers looking for a lower-priced property Traditional buyers using mortgage financing may have more difficulty purchasing a severely damaged property if the home does not meet the lender’s requirements. The current Cash Buyers NY guide also recommends documenting structural and non-structural damage, gathering repair estimates, and addressing buyer concerns about insurance, flooding, and future repairs. 1. Assess the Extent of the Hurricane Damage The first step is understanding exactly what happened to the property. Hurricane damage can range from minor exterior problems to serious structural and water-related damage. Common issues include: Roof damage Broken windows Flooding Water intrusion Foundation problems Mold or moisture damage Damaged electrical systems Plumbing problems HVAC damage Siding damage Landscaping and drainage problems Structural damage Don’t rely only on a visual inspection. Significant water or structural problems may not be obvious immediately after a storm. Consider having qualified professionals evaluate major concerns before deciding whether to repair or sell. 2. Document Everything Detailed documentation can make the selling process easier. Take clear photographs and videos of damaged areas before repairs begin. Keep records of: Photos and videos Contractor estimates Repair invoices Insurance correspondence Insurance claims Inspection reports Receipts Permits Engineering reports, if applicable This information can help you demonstrate the property’s condition and explain how you arrived at your asking price. It can also help buyers understand what has already been repaired and what work remains. 3. Contact Your Insurance Company If the damage may be covered by your homeowners or other applicable insurance policy, contact your insurer as soon as possible. Ask about: Whether the damage is covered The status of your claim Your deductible Estimated settlement Required documentation Whether additional inspections are needed Avoid assuming that every type of hurricane or flood damage is covered under the same policy. Coverage can depend on the cause of the damage and the specific insurance policies you have. If you are dealing with a complicated claim or dispute, consider getting advice from an appropriate insurance or legal professional. 4. Determine the Property’s Current Value A hurricane-damaged house usually cannot be valued in the same way as a fully repaired property. You should consider: Current market value − estimated repair costs − risk/uncertainty = potential as-is value This isn’t a formal appraisal formula, but it provides a useful way to think about the pricing process. For example, if comparable repaired homes are selling for substantially more than your property, buyers may account for the cost and risk of completing the necessary work. Consider reviewing: Recently sold comparable properties Current listings Property condition Repair estimates Neighborhood demand Insurance situation Flood or storm-risk considerations An experienced local real estate professional or appraiser can provide a more accurate valuation. 5. Decide Whether to Repair or Sell As-Is One of the biggest decisions is whether to repair the property before selling. There isn’t one answer that works for every homeowner. Repair First Repairs may make sense when: Damage is relatively minor Insurance covers much of the work Repairs are affordable Buyers in your market expect move-in-ready homes Improvements are likely to increase the sale price Sell As-Is Selling as-is may make more sense when: The property needs extensive repairs You don’t have enough money for renovations Insurance coverage is limited You need to sell quickly The property is vacant You don’t want to manage contractors You inherited the property The home has significant water or structural damage The original Cash Buyers NY article similarly recommends focusing repairs on safety-critical systems and essential utilities when repairs are undertaken. 6. Prioritize Safety-Critical Repairs If you decide to repair the home, don’t necessarily renovate everything. Start with issues that affect safety and habitability. These may include: Structural instability Electrical hazards Major plumbing problems Serious roof leaks Unsafe flooring or stairs Gas-related problems Significant water intrusion Mold caused by storm damage Cosmetic upgrades can come later. Spending thousands of dollars on cosmetic improvements may not make financial sense if the property still has major structural or water-related problems. 7. Get Multiple Repair Estimates Don’t rely on one contractor’s estimate when you’re deciding whether to repair or sell. Get multiple estimates when practical. Compare: Labor costs Materials Project timeline Required permits Insurance coverage Potential hidden costs Hurricane-related repairs can uncover additional problems after work begins. A seemingly simple repair may turn into a much larger project. Understanding the likely total cost can help you decide whether renovation is financially worthwhile. 8. Understand Flood and Water Damage Water damage deserves special attention after a hurricane. Even if the property looks dry, moisture may remain behind walls, under flooring, or in other hidden areas. Potential consequences include: Mold Rot Electrical problems

Buying a home in NYC with a limited income can be challenging, but homeownership may still be possible with the right planning and assistance programs. Understanding your budget, credit, debt, and available savings is an important first step. Programs from NYC HPD and SONYMA may help eligible buyers with affordable homeownership opportunities, mortgages, and down payment assistance. Some programs also allow qualified buyers to purchase with a relatively small upfront contribution. This guide explains how to buy a house in NYC with low income, available assistance programs, affordability considerations, and practical steps to improve your chances of becoming a homeowner. 1. Start by Determining What You Can Afford Before searching for a house, determine how much monthly housing expense you can realistically manage. Don’t focus only on the mortgage payment. Your total housing budget may also include: Property taxes Homeowners insurance Mortgage insurance HOA or maintenance fees Utilities Repairs and maintenance Closing costs A lower-priced property may be more appropriate than stretching your budget to qualify for a larger mortgage. SONYMA recommends assessing your income, expenses, debts, savings, and other financial obligations before applying for financing. 2. Check Your Credit Before Applying Your credit history can affect your ability to qualify for a mortgage and the terms a lender offers you. Before applying, review your credit reports and look for: Late payments Outstanding collections High credit card balances Errors or inaccurate information Excessive debt If your credit needs improvement, paying down revolving debt and making payments on time can help strengthen your financial profile. Remember that different mortgage and assistance programs have different credit requirements, so don’t assume that a lower credit score automatically makes homeownership impossible. 3. Save for Your Down Payment and Closing Costs One of the biggest challenges for low-income buyers is saving enough money to close. Your upfront costs can include: Down payment Closing costs Inspection fees Appraisal fees Moving expenses Initial repairs However, assistance programs may reduce the amount of money you need to provide yourself. For example, SONYMA’s Achieving the Dream program currently offers qualified borrowers down payment assistance and allows financing of up to 97% of the property’s value in eligible situations. 4. Explore NYC Homeownership Programs NYC HPD provides information about city-sponsored homeownership opportunities and down payment assistance. Some affordable homeownership opportunities are offered to households whose gross annual income falls within specific limits. Buyers must also meet other eligibility requirements, including creditworthiness and primary-residence requirements. HPD’s current homeownership resources can help buyers identify available opportunities and understand how to apply. 5. Look Into SONYMA Mortgage Programs The State of New York Mortgage Agency (SONYMA) offers several mortgage programs for qualified buyers. The Achieving the Dream program is specifically designed for qualified low-income, first-time homebuyers and provides low-down-payment financing for eligible properties. SONYMA also offers other mortgage options, including programs that combine mortgage financing with down payment assistance. Eligibility, income limits, property requirements, and purchase-price limits vary by program and location. 6. Consider Down Payment Assistance Down payment assistance can make a significant difference when you’re buying with limited savings. One current example is SONYMA DPAL PLUS 2026, a limited program designed to help eligible low-income New Yorkers with down payment and closing costs. The 2026 program provides up to $30,000 under specified conditions, has a maximum household income limit of 60% of Area Median Income, and applies to eligible properties with a purchase price limit of $500,000. Because programs can have limited funding and changing eligibility rules, buyers should verify the current requirements before relying on a particular assistance program. 7. Search for Income-Restricted Homeownership Opportunities Another option is to look for homes specifically designated as affordable or income-restricted. These properties may have: Maximum household income requirements Purchase-price restrictions Primary-residence requirements Credit requirements Application or lottery processes NYC HPD maintains information about current city-sponsored homeownership opportunities, including properties marketed to households within specified income ranges. 8. Consider Condos, Co-ops, and Smaller Properties Buying a traditional single-family house isn’t the only path to homeownership in NYC. Depending on your budget, you might consider: Condominiums Co-ops Smaller homes Two-family properties Income-restricted properties SONYMA programs can cover eligible condominiums and cooperative apartments, subject to program requirements. Expanding the type of property you consider may give you more affordable options. 9. Look Beyond the Most Expensive Neighborhoods Location has a major impact on housing costs. If your income limits your purchasing power, consider expanding your search to neighborhoods where property prices may be more accessible. You can compare: Purchase prices Property taxes Transportation costs HOA or maintenance fees Local amenities Future resale potential Don’t choose a neighborhood based solely on the purchase price. Consider the total monthly cost of living there. 10. Get Pre-Approved Before Shopping Mortgage pre-approval can help you understand your realistic buying budget. A lender can evaluate factors such as: Income Credit history Existing debts Assets Employment Down payment funds Pre-approval also helps demonstrate to sellers that you’re financially prepared to purchase. If you’re considering a SONYMA mortgage, working with a participating lender can help determine which program you may qualify for. 11. Apply for NYC Home First Down Payment Assistance One of the most important programs for eligible first-time buyers is the NYC Home First Down Payment Assistance Program. Home First currently provides qualified buyers with up to $100,000 toward a down payment or closing costs on an eligible 1–4 family home, condominium, or cooperative in one of NYC’s five boroughs. Buyers must meet income, first-time-buyer, education, owner-occupancy, and other requirements. This type of assistance can significantly reduce the amount of money you need to bring to closing. However, assistance isn’t automatically available to everyone. Check the current program requirements before applying because income limits, purchase-price limits, and other terms can change. 12. Explore NYC Housing Connect NYC Housing Connect is another important resource for finding affordable housing opportunities. The platform allows buyers to search available opportunities based on factors such as: Borough Household income Household size Housing type Eligibility requirements The current Housing Connect system also includes certain homeownership