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Low Down Payment Mortgage Options

Don’t let a down payment get in the way of your homeownership dreams.

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Down Payments:

The 20% Myth

Saving up for a down payment is often one of the biggest obstacles borrowers face when deciding to buy a new home. Many borrowers are intimidated by the idea of having to put down a 20% down payment. The good news is that there are a variety of low down payment mortgage options available to you!

Get In Touch with a Newfi Senior Loan Advisor Today!

Our team of dedicated Senior Loan Advisors are here to help you through the mortgage process and answer any questions you may have.

What are My Mortgage Options for Low/Bad Credit?

FHA Loans

FHA Loans are government-backed mortgages that can be accessed with a credit score as low as 580. FHA loans require mortgage insurance for some or all of the term of the loan.

Conventional Loans

Even if you have low credit or have experienced credit events like bankruptcy, foreclosure, or short sale, there may be a standard conventional loan available to you. Depending on the size of your down payment, you may be able to avoid mortgage insurance.

VA Home Loans

Many borrowers who served or are serving in the US military are eligible for zero down payment VA mortgages. No mortgage insurance is required, and interest rates are low.

USDA Home Loans

A zero down payment loan for lower-income residents in rural areas, this affordable, government-backed loan requires an annual guarantee fee.


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What are Monthly

Payments with

a Low Down

Payment Mortgage?

Low down payment mortgage rates depend on your credit, income, and other factors. Get in touch with a senior loan advisor today to calculate what your low down payment mortgage payment is likely to be.

Frequently Asked Questions

What are the Advantages of No or Low Down Payment Mortgages?

  • There are many benefits of low down payment home loans, such as:
    • More financial flexibility
    • Having money to cover moving expenses, closing costs, or pay down other debts
    • Using your savings to upgrade or furnish your new home

What are the Disadvantages of No or Low Down Payment Mortgages?

  • While there are many benefits of low down payment mortgages, they do have some drawbacks:
    • Higher monthly payments
    • The loan will most likely require mortgage insurance
    • Building home equity will take longer and rely more on your home’s appreciation

What are Current Mortgage Rates?

Your exact rates depend on the interest rate you qualify for and the term you select. Contact us to review your options and calculate your payment.

What is the First Step in Qualifying for a Mortgage?

Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!

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