Low Down-Payment Mortgages

Low Down-Payment MortgagesAll Government backed mortgages have low down payments.  The VA and the USDA can go as low as $0; the FHA can go as low as 3.5%.

There are some conventional mortgage programs that go to 3% down payment requirements.

All can be used on owner-occupied properties only.  All can be used to purchase or refinance a loan.

The conventional ones have an income limit; people who earned more than that limit just cannot qualify.  The government-backed programs are meant to help people who cannot afford large down payments but they (FHA, VA) do not have an upper income limit.

There are city or county (or other entity) programs that make grants or forgivable loans to borrowers to cover the down payment.  Some of those do not work with brokers, some do.

One of the common limitation of these programs (besides upper income limits) is that they require borrowers to live be on time on their mortgage payments for a period of time (years, usually).