Down Payment
What is the lowest down payment I can make on a home?
Context
How little you can put down is often the deciding factor in when someone can afford to buy.
The short answer
It depends on the loan. VA and USDA program guidelines allow no down payment for eligible borrowers and eligible properties. FHA and several conventional programs, including HomeReady and Home Possible, have published minimums lower than many buyers expect.
Things to keep in mind
Lower down payments usually mean mortgage insurance, and eligibility for 0%-down programs is limited to qualifying borrowers.
Next step
We compare programs so you can weigh down payment, monthly cost, and cash to close together. Contact us to compare.
Have a question about your own situation?
Davis Monroe Financial LLC serves Minnesota homebuyers and homeowners. You complete one application. We compare the wholesale lenders on our panel and submit your file to the one that fits it best, and each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.