---
title: Low Down Payment Mortgage Loans
description: Like homes, mortgages come in many shapes and sizes. Down payments can run from zero (0%) in some instances to 3% and all the way to 20% or more.
---

[Carrington Home Loans - Knowledge Base](https://info.carringtonmortgage.com/knowledge-base)

# [Low Down Payment Mortgage Loans](https://info.carringtonmortgage.com/knowledge-base/low-down-payment-mortgage-loans)

 Written by <https://info.carringtonmortgage.com/knowledge-base/author/marketing> | May 29, 2018 8:34:16 PM

Like homes, mortgages come in many shapes and sizes. Down payments\*\*\* can run from zero (0%) in some instances to 3% and all the way to 20% or more.

First-time buyers may want a low down payment mortgage because they haven’t accumulated large savings to put down on a home. But even buyers who can afford it may want a low down payment loan.

But sometimes down payments are difficult for a borrower. There are a number of low down payment programs that could help.

**Veteran's Administration (VA) – as low as 0% down**

VA loans are available to active duty and retired members of the U.S Military. Certain categories of spouses and some members of the National Guard or Reserves may also qualify.

- 15 or 30-year fixed rate mortgage
- Up to 100% financing may be possible
- No or low down payment options
- Low minimum credit scores down to 500

**Federal Housing Administration (FHA) – as low as 3.5% down**

FHA loans are very popular because of their moderate requirements.

- Minimum 3.5% down payment required
- Gift funds are allowed
- 15 and 30-year fixed rate mortgage
- Low minimum credit scores down to 500

**Conventional Loans – as low as 3.0% down**

Many conventional mortgages require a down payment of 20%, but there are some conventional mortgages available with much lower down payments.

- Home Possible
- Home Possible Advantage

**U.S. Dept. of Agriculture (USDA) loans – as low as 0% down**

Don’t let the name mislead you. If you live in a rural area or even in some suburban areas, you could qualify.

- No down payment requirement for qualified borrowers
- No cash reserve requirements
- The seller can pay closing costs
- Specifically for clients who may be challenged to qualify on income for a home purchase in an eligible rural area
- Funds can be used to build, repair, renovate or relocate a home
- USDA high balance available

**Check out these four low down payment programs – one or more may help get you into your dream home.**

\*Restrictions apply. Ask your Loan Officer for details.   
\*\*Min 620 FICO; Mortgage Insurance required with Loan To Value (LTV) over 80%; Homeownership education required.  
\*\*\*Down payments between 3% to 20% of the purchase price would be required in cash from the buyer. Ex. on a $200,000 purchase - 3% = $6,000; 5% = $10,000; 20% = $40,000

[View full post](https://info.carringtonmortgage.com/knowledge-base/low-down-payment-mortgage-loans)

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