Low Down Payment Home Loans

Own Your Home Sooner

Think you need 20% down to buy a home? Think again. At Salute Mortgage, we offer low down payment purchase options that help you move in faster—with less cash upfront and more confidence in your future.

From zero down mortgages to affordable 3% and 3.5% down loan programs, our solutions are ideal for first-time buyers, low-to-moderate income families, and anyone ready to stop renting and start owning.

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Featured Low Down Payment Loan Programs

We work with multiple government-backed and conventional loan options designed to minimize your out-of-pocket costs:

🏠 FHA Loan – 3.5% Down

  • Backed by the Federal Housing Administration
  • Credit scores starting at 580
  • Lower barriers to homeownership for first-time and repeat buyers

💸 Conventional 97 Loan – Just 3% Down

  • Great for qualified borrowers with solid credit
  • Cancel mortgage insurance once you reach 20% equity
  • Income and occupancy restrictions may apply

🌾 USDA Loan – 0% Down

  • Zero down payment mortgage for homes in eligible rural and suburban areas
  • Low mortgage insurance and fixed rates
  • Household income must fall within USDA limits

🎖 VA Loan – 0% Down

  • Exclusive to veterans, active-duty military, and surviving spouses
  • No down payment, no PMI, and highly competitive rates
  • Flexible credit and underwriting standards

Benefits of Low Down Payment Mortgages

✅ Buy a home with less cash upfront
✅ Preserve your savings for moving expenses, renovations, or an emergency fund
✅ Access affordable interest rates through trusted programs
✅ Qualify even if you’re a first-time buyer
✅ Pair with down payment assistance or grants to lower costs further

Down Payment Assistance Options

Qualify for down payment assistance (DPA) through local, state, and nonprofit programs. These funds may come as:

  • Grants (no repayment)
  • Forgivable second mortgages
  • Deferred loans with 0% interest

We’ll help you find and apply for programs that match your income, location, and homeownership goals.

Common Myths About Down Payments

Myth 1: You must have 20% saved to qualify for a mortgage.
Fact: Many programs allow 0% to 3.5% down.

Myth 2: Lower down payment = worse loan terms.
Fact: Government-backed loans offer competitive rates, even with minimal down.

Myth 3: You can’t get help with the down payment.
Fact: Thousands of buyers use DPA programs every year.

Low Down Payment Loan FAQs

What types of low down payment loan options are available?

We offer several low down payment programs including FHA loans (3.5% down), Conventional 97 loans (3% down), VA loans (0% down for eligible veterans), and USDA loans (0% down for rural buyers). Our team will help match you with the best option based on your income, credit, and home goals.

Can I use gift funds for the down payment?

Yes! Many low down payment programs allow you to use gift funds from family, employers, or charitable organizations to help cover your down payment and even closing costs—making homeownership more accessible than ever.

Will I need mortgage insurance with a low down payment loan?

In most cases, yes. Loans with less than 20% down typically require mortgage insurance (PMI or MIP) to protect the lender. However, some programs—like VA loans—do not require mortgage insurance, and we’ll help you evaluate total costs across all options.

Are low down payment loans only for first-time buyers?

Not at all. While many programs are geared toward first-time homebuyers, repeat buyers may also qualify depending on their financial profile. You don’t have to be a first-timer to take advantage of these affordable solutions.

Ready to Buy With Less Down?

We make it easy to compare your low down payment loan options and find the right fit for your situation.

Get Your Quote