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.
"DISCLAIMER: Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. " PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Arizona Department of Financial Institutions AZ Mortgage Banker License 0902614. California DFPI Department of Financial Protection and Innovation, CA DFPI Residential Mortgage Lending Act License 4130403. A copy of our Privacy Policy and Notice is accessible by going to Primary Residential Mortgage’s website and clicking on the “Privacy Policy” link located at the bottom of the page. https://www.primeres.com/privacy-policy. Connecticut Department of Banking Consumer Credit Division CT Mortgage Lender License 8750 Florida Office of Financial Regulation FL Mortgage Lender Servicer License MLD646 Georgia Department of Banking and Finance's Non-Depository Financial Institution Division, Georgia Mortgage Lender License 6521 Maine Bureau of Consumer Credit Protection, Maine Supervised Lender License SLM5619 Maryland Office of Financial Regulation, Maryland Mortgage Lender License 3094 (http://nmlsconsumeraccess.org). Massachusetts Division of Banks, Massachusetts Mortgage Broker and Lender License MC3094 New Hampshire State of New Hampshire Banking Department, New Hampshire Mortgage Banker License 3094MB New Jersey Department and Banking and Insurance, New Jersey Residential Mortgage Lender License New Carolina Commissioner of Banks Office, New Carolina Mortgage Lender License L-112833 Pennsylvania Department of Banking and Securities, Pennsylvania Mortgage Lender License 23206 Rhode Island Division of Banking, Rhode Island Lender License 20041715LL Rhode Island Loan Broker License 20041716LB Virginia Bureau of Financial Institutions, Virginia Lender License and Broker License MC-2248, NMLS 3094 (http://nmlsconsumeraccess.org). For refinance advertisements, that state, a reduction on monthly payment, please note: the total finance charges maybe higher, over the life of the loan.
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