# The Truth About "No Money Down" Mortgages (Ep. 260)

Page: https://stenobird.com/podcast/without-the-bank-podcast-1519613/the-truth-about-no-money-down-mortgages-ep-260
Text version: https://stenobird.com/podcast/without-the-bank-podcast-1519613/the-truth-about-no-money-down-mortgages-ep-260.md
Podcast: [Without the Bank Podcast](https://stenobird.com/podcast/without-the-bank-podcast-1519613)
Published: 2026-03-12T12:00:00+00:00
Episode link: https://withoutthebank.libsyn.com/the-truth-about-no-money-down-mortgages-ep-260
Audio file: https://traffic.libsyn.com/secure/withoutthebank/WTB_-_Ep._260_-_The_Truth_About_No_Money_Down_Mortgages.mp3?dest-id=2617376
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Duration seconds: 1782

## Resource

Buying a home with little or no money down sounds like the perfect shortcut to homeownership. But what most young buyers don't realize is that many "down payment assistance" programs are actually loans disguised as help — and they can create serious financial problems if you don't understand how they work. Mary Jo shares recent conversations with young potential clients who were approved for mortgages despite having little to no savings. The reality? Many of these programs include second liens, PMI, and repayment rules that buyers often don't discover until it's too late. Tarisa also shares her own experience using a down payment assistance program — including what worked, what she didn't understand at the time, and why the real estate environment today is very different than it was just a few years ago. Together they unpack: How down payment assistance actually works Why selling your home early can cost you thousands The hidden costs of PMI and low-equity mortgages Why renting can sometimes be the smarter financial move The dangers of financial advice from social media Questions every first-time homebuyer should ask before signing a mortgage Homeownership can be a powerful wealth-building tool — but only when you understand the numbers and the long-term commitment. Before you sign a mortgage, make sure you understand exactly what you're getting into. Key Takeaways: "No money down" usually means you're borrowing the down payment Many assistance programs place a second lien on your home PMI can add hundreds of dollars per month that builds no equity If you sell too soon, you may owe money just to get out of the house Renting while saving can sometimes be the better financial strategy Social media rarely talks about the real risks of homeownership Chapters: 00:00 Introdu…

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