Home Buying With Little To No Down Payment

Dated: 12/02/2019

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Thinking of BUYING a Home but worried about the Down Payment?


Many people assume when purchasing a home, they'll need to put a decent amount of money down. Although putting the 20% down is a great way to keep your payments lower, it is NOT a requirement... Thats good news, right?

Only 45% of buyers pay 20% or more down & 60% of first time buyers put 6% or LESS down! 

If you think you're ready to take the leap & purchase a home but arent ready to put 20% down, there are plenty of other options! 

Zero or low down payments can range from 0-5% down. You'll just need a good credit score & the income for the payments. Lenders will be looking at those things to decide what amount you can be approved for. Though when using low/zero down payment loan options, you'll often need to have private mortgage insurance. The small difference in your monthly payment amount is a decent trade for avoiding the large down payment if you ask me! 

Some low to zero down payment options: 

  • CONVENTIONAL LOAN:These loans require at least 3% down, as the loan will finance up to 97% of the home. You'll need a credit score of 620 or higher. These loans are not funded by the government and though they have a slightly higher interest rate, it is offset by allowing you to have a LOW down payment.

  • FHA LOAN:Federal Housing Administration Loan. These loans allow homebuyer to recieve mortgages with downpayments of 3.5%. Your credit score must be 580 or higher.

  • USDA LOAN:The United States Department of Agriculture Loan. ZERO DOWN PAYMENT! With a credit score of at least 640

  • VA LOAN:Veterans Affairs Home Loan: These loans are for current or former military personnel. Zero down payment required as well as 100% financing for the cost of the house. No mortgage insurance. While VA loans are more lenient about credit, your score may affect your interest rate.

If you've been convienced you may be able to make the purchase sooner than you thought with the help of any of these options, contact me today and I will get you set up with a lender! 

The first step is PREAPPROVAL! Its a simple process that can be done with a phone call and an online application for your convenience. 

After being preapproved, we can begin your very exciting journey to being a HOMEOWNER


Kaylia Lamb - REALTOR®

Always excited to help with your Real Estate needs! 

Call/Text: 405-388-9335 

Email: Kaylia@ProvidenceRealtyOk.com

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Kaylia Lamb

Not your average Agent! I’m 25 and mother to two crazy little boys! I promise to be available to you whenever needed! Being a Realtor has been a dream of mine for as long as I can remember. The joy ....

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