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.

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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.

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