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Low Down Payment Loans

Saving enough money for a down payment can be one of the biggest barriers to home ownership for home buyers. The truth is, you have options when it comes to your down payment amount.

No down payment mortgage programs

While many people think that the standard down payment amount is 20%, you can actually get a home for less money out-of-pocket. There are many low or even no down payment mortgage options available to help make your dream of home ownership a reality.


USDA Loans

Backed by the U.S. Department of Agriculture, USDA loans offer 100% financing for lower-income home buyers purchasing a home in rural areas. Borrowers aren’t required to make a down payment, but they will be responsible for a 1% guarantee fee that can be rolled into closing costs as well as monthly mortgage insurance.


VA Mortgage Loans

The Department of Veteran Affairs offers no down payment loans to active duty military, Veterans, and their spouses. VA loans are an excellent option for eligible borrowers since they don’t require any monthly mortgage insurance. However, VA loan borrowers may have to pay a one-time funding fee that can be rolled into the loan cost.


FHA Loans

FHA loans are insured by the Federal Housing Administration, which provides protection for the lender in case the borrower defaults on the loan. Because of this, borrowers can qualify for a loan with just 3.5% down.* Be aware that you’ll need to pay mortgage insurance as an upfront fee at closing and as part of your monthly mortgage payment.

Talk to a loan expert

Get in touch with a mortgage expert who can help you find the right low down payment options.