To obtain a mortgage without savings, explore government-backed programs like FHA loans (3.5% down payment) or VA loans (no down payment). Leverage gift funds from family members for the down payment or closing costs. A cosigner with strong credit can boost approval chances. Consider rent-to-own agreements or seller concessions (1-3% of the purchase price). Prioritize a credit score above 620 and document stable income through pay stubs or tax returns.

Government-backed mortgages and alternative financing bypass savings requirements by relaxing down payment rules or relying on third-party support. For example, FHA loans accounted for 40% of first-time homebuyer mortgages in 2022, with 3.5% down and flexible income verification. VA loans, used by 6% of buyers, require no down payment but demand military service. Gift funds, permitted in 70% of mortgages, must be documented as non-reciprocal. Cosigners improve approval odds by 50%, as FICO data shows, by sharing credit responsibility. Seller concessions, averaging $10,000 per transaction (Redfin, 2023), reduce out-of-pocket costs. However, 25% of U.S. consumers have credit scores below 580, limiting access to affordable loans. Combining these strategies with proof of stable employment (e.g., two years of consistent pay) increases mortgage accessibility despite lacking savings.