Explore qualifying programs
A down payment below the traditional benchmark may be available through eligible conventional, FHA, VA, USDA, or other programs. Availability depends on credit, income, property, location, occupancy, and program requirements.
Understand insurance and fees
Conventional loans may require private mortgage insurance depending on the loan and down payment. FHA loans generally have upfront and ongoing mortgage insurance premiums. USDA guaranteed loans may have upfront guarantee and annual fees. VA-backed loans do not require monthly mortgage insurance, but a funding fee may apply unless an exemption applies.
Plan beyond the down payment
Low or zero down payment does not mean no closing costs or other expenses. Budget for applicable fees, prepaid expenses, taxes, insurance, and any required reserves. Ask for a written comparison of the complete costs of programs for which you qualify.
Discuss your options
A Loan Officer can explain product availability, eligibility, and costs for your situation. Find your Loan Officer.