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Low down payment options
Conventional programs like HomeReady and Home Possible, plus FHA, VA, and USDA. A smaller down payment doesn't have to mean a worse loan.
Photo: Thomson200 · CC0 · Wikimedia Commons
Who it's for
Buyers who have income but not a large amount saved.
How it works
- We compare the programs side by side: the monthly cost including mortgage insurance, the cash to close, and how long the mortgage insurance lasts.
- Conventional low-down-payment programs let you drop mortgage insurance once you reach enough equity.
What you'll need
- Standard documents
- Sometimes an income limit, depending on the program
Common questions
Is mortgage insurance bad?
It's a cost that buys you time. Paying it for a few years often costs less than renting while you save a larger down payment.
By design this page shows no rates, APRs, payments, or down-payment percentages. Those figures are only published with the full disclosure block required by Regulation Z.