Down Payment Assistance & Low Down Payment Options

A common myth is that you need 20% down to buy a home—but that’s far from the truth! Many homebuyers, especially first-time buyers, can purchase a home with as little as 3%, 3.5%, or even 0% down depending on the loan program.

✅ FHA Loans – As little as 3.5% down for buyers with fair credit.
✅ Conventional Loans – 3% down options available for qualified first-time buyers.
✅ VA Loans – 0% down for eligible military service members and veterans.
✅ USDA Loans – 0% down for buyers in eligible rural areas.
✅ Down Payment Assistance – Grants and programs may help cover your down payment and closing costs!

Your down payment affects your loan amount, but there are options to fit your financial situation—so don’t let the myth of 20% down stop you from becoming a homeowner! Reach out to explore the best low down payment options for you. 🚀

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.

Interest Rate

This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

HOA Fees

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.