Guidelines for these loans are typically easier to qualify for. There are generally two types available: Conforming loans (conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC).) and Non-Conforming loans that receive their funds from the private sector.

 Both of these lending options allow for less than perfect credit, and no money down purchase loans that can even include the buyers typical out of pocket closing costs such as appraisal, lender and title fees.

Zero Down Financing on a home generally will need to meet the following criteria:

24 months in the same field of employment for all borrowers. This is not required for Co-borrowers.

Verifiable rental history for 12 months. Exceptions are allowed for purchasers who currently live rent free, (live with parents, or housing that is provided by their  employer)

Credit must be established, however far from perfect is acceptable. This is where the old rule of "no credit is worse than bad credit" applies. Collections are acceptable, and generally need not be paid. Lates on credit cards, or car payments will also be acceptable, however these can all affect your credit score. Credit scores under 600 are usually difficult to get financing for, but the higher the score the more and better finance options will be available to you.