Your Mortgage Matters blog
First-time buyer? Down payment help you may not know about
One of the biggest myths in home buying is that you need 20% down. Most first-time buyers put down far less.
Low down payment loans
- FHA: as little as 3.5% down.
- Conventional: 3% down options like HomeReady and Home Possible for eligible buyers.
- VA and USDA: $0 down for those who qualify.
Down payment assistance
State and local housing agencies, cities and nonprofits offer grants and second loans to help with the down payment and closing costs. Rules vary: some have income limits, some must be repaid, and some are forgiven over time.
Start with Down Payment Resource or your state housing finance agency. Then let's see which programs work with the loan that fits you.
More first-time buyer resources →
Educational only. Not legal or tax advice, and not a commitment to lend. Programs and guidelines change.
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