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Low Down Payment Loans

Conventional and government programs each have low down payment options, and they're not limited to first time buyers.
Explore our low down payment options to buy your next home.
Use gift funds toward your down payment, and seller credits to pay for closing costs.
Most purchases close in under 30 days, and we'll make the process as fast and easy as possible.
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What's the Minimum Down Payment?

Flip each card to see how much you'll need.
*Primary Residences Only*

Conventional

Conventional

3% down for first time buyers, 5% down for repeat buyers on single unit homes or condos that will be your primary residence.
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FHA

FHA

3.5% minimum down payment with 580+ credit scores on 1-4 unit properties.
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VA

VA

For qualified veterans and active duty service members, the down payment on VA loans is 0% (no down payment required).
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USDA

USDA

No down payment required on eligible properties in rural areas. Must be under the income limit for the county.
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Frequently Asked Questions

Closing costs are typically 2-3% of the purchase price.  Amounts can vary from county to county.  In some counties it’s customary for sellers to pay certain costs, but in others buyers may need to pay for costs like escrow fees or owners title insurance.  

 

For most loan programs, sellers can provide a credit toward your closing costs. 

  • Conventional loans allow up to 3% of the purchase price as a seller credit when putting 3-5% down. 
  • FHA loans allow up to 6% of the purchase price. 
  • VA allows 4% of the purchase price, in addition to paying other customary closing costs on the veteran’s behalf.  The 4% credit can even be used to pay down the veteran’s debt to help qualify for the loan. 
  • USDA allows a seller credit of up to 6% of the loan amount (not the purchase price).  With USDA, if the home appraises higher than the purchase price, closing costs can also be financed.

To be eligible for 3% on a conventional loan, you either need to be a first time buyer, or be under the income limits to be eligible for an affordable housing program (Home Ready or Home Possible).  All other programs, including a 5% down conventional loan, do NOT require that you be a first time home buyer.   There may be limitations or restrictions if you do own another property, however, so please let us know if you’re planning to keep your current home, or if you own rental property. 

Each county has conventional loan limits, which means only loan amounts below that limit will be eligible.  FHA loans may have different loan limits from conventional loans in some counties.  

Please use our interest rate quote search to see different payment and loan amount options.  It will help you get a good idea of how much you’ll be comfortable paying each month.  Don’t forget about property taxes and insurance.  Those will be added to your monthly payment, as well as mortgage insurance if applicable to your loan scenario.  

 

 

 

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