The downsides are real: a higher rate, no equity cushion on day one, and if values fall you can quickly owe more than the house is worth. That underwater risk exists at 3% down too in a correction; it's just larger at zero. And many no-PMI, zero-down programs are portfolio loans a credit union keeps in-house (Navy Federal runs one for eligible members). With those, lowering your rate later usually means a full refinance rather than a simple modification, so confirm the exact terms before counting on it. The other side deserves a fair hearing. If you have little savings to begin with, the practical gap between 0%, 3%, and 5% down is smaller than it sounds. There's a real case that keeping cash liquid beats sinking it into equity: in a downturn, money in the bank gives you options, while equity you put in can evaporate on paper. And if the worst happens with nothing down, the damage is mostly to your credit rather than to cash you already handed over. So zero down can be a reasonable choice. We'd only be comfortable with it when three things line up: - The payment is genuinely affordable. - You plan to stay put for years. - You have real reserves set aside. If any of the three is missing, put something down or keep saving. The free Roadmap conversation is where we run your actual numbers and see which side you land on.