When a lender tells you that you may be able to get into a home for no money down, they do not mean you will not need any money to purchase/close on a property. Oftentimes buyers confuse “No Money Down” with the thought that they will not need any money. This is far from the truth. Typically, to purchase a home, the buyer will need funds for earnest money, termination option and/or inspections.
With this in mind, when a lender says “No Money Down”, they typically mean you may be eligible for 100% financing using one of many lender programs that may be available.