$0 Down Home Purchase: Assistance, Costs & Eligibility
Compare your down payment, closing costs, and future repayment obligations.
Updated September 23, 2026 · By Sean Mertens, Assist Home Loans · NMLS #2047444
What a $0-down purchase means for SLO County buyers
A zero-down structure may reduce the amount you contribute toward the purchase price. It does not automatically mean zero closing costs, no cash needed, or no debt beyond the first mortgage. Sean Mertens at Assist Home Loans helps SLO County homebuyers compare the full cost of available financing options.
The assistance loan described in the original article
This article originally described a 3% assistance loan capped at $15,000. UWM's May 16, 2024 program announcement describes that structure as a second lien with no interest and no required monthly payment, repayable by the end of its term or when the first mortgage is paid off.
That announcement is historical, not a current loan quote or confirmation of availability. Ask Sean to verify the current lender guidelines, program access, income rules, credit requirements, assistance limit, and repayment terms for your scenario. Do not rely on the old 2024 county income figures or a single credit-score cutoff.
Compare the complete purchase cost
Down payment: how much is required, and how much will assistance cover?
Closing costs: which lender, title, escrow, and other fees remain?
Prepaids and reserves: what is needed for taxes, insurance, and funds kept after closing?
Monthly housing expense: include principal, interest, mortgage insurance, taxes, insurance, and applicable association dues.
Future repayment: what happens to the assistance if you sell, refinance, pay off the first mortgage, or reach the assistance loan's maturity?
A program with a smaller cash requirement is not automatically the least expensive choice. Compare written estimates for the same home price, occupancy, loan term, and planned ownership period. For a condo, confirm both borrower eligibility and the property's approval requirements.
Other assistance options to explore
Review our first-time buyer and down payment assistance guide for SLO County for CalHFA MyHome, related CalHFA assistance, GSFA, and local affordable-home resources. Employees of the County of San Luis Obispo can also review Assist-to-Own.
Each program has its own income calculation, property requirements, and first-time buyer rules. Ask which options you can actually use before selecting a home or assuming programs can be combined.
Review your homebuying plan with Sean
Bring your target purchase price, savings, income and employment details, estimated credit range, and homeownership history. Sean can help you compare available options and identify the next documents needed for mortgage preapproval.
Schedule a consultation with Sean Mertens or call 805-540-9909.
General educational information, not a loan approval or commitment to lend. Program availability, assistance, rates, and eligibility are subject to change and underwriting. Confirm the current written terms before committing to a purchase.
