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Low Down Payment Loans

One of the biggest obstacles for first-time homebuyers is saving enough money for a down payment. There are many options for those needing a lower down payment.

No Down Payment Mortgage Programs

Many believe that the traditional down payment is 20%, yet you can actually purchase a home with less money upfront. There are several low and no down payment mortgage alternatives which can help you achieve your dream of owning a home.

Low Down Payment for families

USDA Loans

Supported by the United States Department of Agriculture, USDA loans provide 100% financing for people with lower incomes who are looking to purchase a home in rural areas. Borrowers do not have to make a down payment, but they are responsible for a 1% guarantee fee that can be added to their closing costs in addition to their monthly mortgage insurance.

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VA Mortgage Loans

Those who are eligible for VA home loan benefits may be able to purchase a home with no down payment required. VA loans are an attractive option for qualified borrowers since they do not require any monthly mortgage insurance payments. Additionally, a one-time funding fee may be rolled into the loan cost. Active duty military members, veterans, and their spouses may all take advantage of this no down payment loan offered by the Department of Veteran Affairs.

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Mortgage Low Down Payments

FHA Loans

Loans backed by the Federal Housing Administration (FHA) are protected by the FHA insurance, meaning that the lender is safeguarded if the borrower defaults on the loan. Consequently, borrowers are able to get a loan with a mere 3.5% down. Keep in mind, however, that you will need to pay for mortgage insurance, both at closing and as part of your monthly mortgage payment.

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HomeReady™ Mortgage

Fannie Mae supports HomeReady loans, which are accessible to both first-time and experienced homebuyers. The minimal down payment for these loans is 3%, and if the borrower puts down less than 20%, they will need to pay for private mortgage insurance (PMI). An exceptional feature of HomeReady is that non-occupant borrowers are allowed, which means that family members who will not be living in the residence, such as parents, can be joint borrowers and assist their children in securing the loan.

Loan Down Payment for Families
Low Down Payment

Conventional 97

Fannie Mae and Freddie Mac both provide lending options where borrowers can put down 3% of the cost of a house. With conventional loans, no upfront insurance fee is required, like with FHA loans, however, if you put down less than 20%, you will need to pay for a monthly private mortgage insurance (PMI).

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

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Our company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration or the Federal Government.

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ShayMak Mortgage, LLC, NMLS #1989312. All Rights Reserved. Some loan products may not be available in all states. Terms, rates, and fees subject to change. Please speak with one of our loan originators for more detail.

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