Low-Down-Payment Mortgages: What You Need to Know
New homebuyers have a wealth of options when securing a mortgage, including access to 3%-down-payment mortgages. In some cases, they can even pay $0 down. These mortgages have become popular among homeowners, as they reduce the up-front costs and thus make homeownership possible for more Americans.
Low-down-payment mortgage options
New homebuyers have a few options when searching for low-down-payment mortgages:
- 3% down: Some traditional banks offer 3%-down mortgages, which are backed by Fannie Mae and Freddie Mac.
- 3.5% down: Homebuyers can secure a 3.5%-down mortgage that is backed by the Federal Housing Authority but originated through a lender as usual.
- No down payment: VA loans, USDA loans, and Navy Federal Credit Union mortgages are all no-down-payment options that certain homebuyers have at their disposal.
There are a number of details and caveats that homebuyers need to know about low-down-payment mortgages, from the up-front fees to the differing mortgage insurance costs and qualification requirements.
With this in mind, we've compiled a handful of our most valuable resources, tools, articles, and videos to provide you with a one-stop shop for the low-down-payment mortgage essentials.
Low-down-payment mortgage resources
- Find a Highly Rated Mortgage Lender
- What You Need to Know About 3% Down Payment Mortgages
- What Are FHA Loans?
- 15-year vs. 30-Year Mortgage: Which Is Right for You?
- 3 Mortgage Options That Don't Require Down Payments
- How to Qualify for a 3% Down Payment Mortgage
- 5 Things You Need to Know About FHA Mortgages
- 3 Reasons Not to Buy a House This Year
- What Is Private Mortgage Insurance?
- Can I Get a Mortgage With a Low Credit Score?
- How You May Be Overpaying Hundreds of Dollars on Your Mortgage
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