Fast Facts About Low Down Payment Options


Home Loan Options With Low Down Payment Requirements

While many believe that putting 20% down when buying a home is still necessary, that's not always the case. Lower down payment programs are available and are helping make homeownership more attainable.

How much down payment is required depends on the loan you get, but know that options are available. Here are a few of the most popular low-down-payment home loans.

FHA Loans

FHA loans are an excellent option for many first-time homebuyers as they require just a 3.5% down payment. FHA loans offer competitive terms like low-interest rates and lower closing costs and fees than many conventional mortgage loans.

VA Loans

VA loans, which are available to active-duty service members, veterans, or the spouse of a veteran (and some other individuals affiliated with our armed services), are one of the rare mortgage loan programs available that can require zero down!

USDA Loans

A down payment is not required with a USDA loan, and the mortgage insurance is cheaper than most other low–down–payment loan programs.

Conventional Loan

Although 20% down payment is traditional, most lenders ask for just 3-5% down on 30-year fixed-rate loans.

Mark Liesner, RMLO ID #1445514, Licensed in Texas (but I can help in most states). Edge Home Finance Corporation, 4530 West 77th Street, Suite 365, Edina, MN 55435 NMLS ID#891464 Copyright © 2024. All Rights Reserved. Equal Housing Lender.This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice.All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. #multimillonaire #240 If you are refinancing your existing loan, your total finance charges may be higher over the life of the loan. Other restrictions and limitations apply. Residential Mortgage Loan Originator.

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