Low Down Payment
Buy a home with less money upfront
Saving for a down payment is one of the biggest challenges for many home buyers — but flexible low down payment options and down payment assistance programs may help you buy sooner with less upfront cash.
You don’t need 20% down to buy a home
Buying a home may be possible with less money down than you think. Low down payment options are a great choice for buyers who can comfortably manage monthly mortgage payments but may not have substantial savings for large upfront costs.
Become a homeowner sooner
Benefits of Low Down Payment options
Many buyers delay purchasing because they believe they need a large down payment. In reality, there are loan programs designed to help qualified buyers get into a home sooner.
Conventional Loans
Easy access to lower down payments
Conventional Loan options such as Fannie Mae HomeReady® or Fredie Mac Home Possible® can help you buy with less money down
- Down payments as low as 3%
- Can be paired with other assistance programs for a down payment as low as 1%
- A good option for a wide pool of buyers
Government Loans
Buy with as little as 0% down
Government Loans are ensured by the federal government, which often allows them to be more flexible with certain requirements.
- FHA Loans: Down payments as low as 3.5%
- VA Loans: 0% down payments for eligible buyers
- USDA Loans: 0% down for buyers in eligible areas
Down Payment Assistance
Get thousands toward your down payment
Explore these unique options to help reduce upfront costs:
- HomeFundIt™: Raise money online from friends and family and get up to $2,000 in matching grants from Bank CMG
- Community ONE: Get up to $6,000 and buy with just 1% down
- FHA Buyer’s Choice/Home Select: Get up to 101.5% LTV (i.e. money to cover a full down payment AND some closing costs)
- State Assistance: Each state has several options that can help lower the upfront costs and long-term rate of your mortgage
FAQ
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
Many buyers may qualify with a low down payment option — in some cases as little as $0.
Yes. Explore some of the down payment assistance options above or ask us.
Down payment assistance programs help eligible home buyers cover part of their down payment and, in some cases, closing costs.
Eligibility may depend on factors like income, credit score, property location, and whether you’re a first-time home buyer.
It depends on the program. Some assistance may be repayable, while others may be forgivable after meeting certain requirements.
In many cases, yes. Assistance programs may be combined with FHA, VA, USDA, or conventional financing, depending on guidelines.
No. Any additional funds must be used for eligible home buying expenses such as down payment and closing costs.
Some low down payment programs may require mortgage insurance, depending on the loan type and amount financed.
Many buyers can start the prequalification process online in just a few minutes.
Resources
Get Money for Your Down Payment & Closing Costs
Learn more about FHA Buyer’s Choice
What to Expect on Closing Day
Learn about the unique way first-time buyers are saving on upfront costs.