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No Down Payment Mortgage Options and Low Down Payment Mortgage Options Marketplace Home Loan Officer MN

No Down Payment & Low Down Payment Mortgage Options

One of the biggest perceived obstacles to home ownership today is the mortgage down payment.  Learn about your no down payment mortgage options and low down payment mortgage options.

According to the National Association of Realtors, 80% of home buyers think they need 10% or more down to buy a home – and that is simply not the case! (NAR, 2017) There are many programs out there that range from ZERO to 3% down, here are some of the options available to both first-time and repeat buyers:

No Down Payment Mortgage Options

USDA HOME LOAN / RURAL DEVELOPMENT – No Down Payment Mortgage Options

Anyone looking outside of the metro should consider this loan. With ZERO money down, low rates, and no mortgage insurance, the affordability of a USDA loan is almost unmatched in the mortgage market. Home buyers must make 115% or less than the area’s median income. Example: If the median income is $50,000 per year you can make up to $60,500. To see if an area you’re interested in is eligible click here.

VA HOME LOAN – No Down Payment Mortgage Options

This is a ZERO down mortgage option for home buyers with current or former military service. It is often the top choice for those eligible because it offers 100% financing and does not require great credit. With no monthly mortgage insurance and low rates, this is often the best loan option for members of the military and National Guard.

Low Down Payment Mortgage Options


About 40% of home buyers under 40 use FHA loans. This loan is best for those who don’t want to put a lot down, but still want great rates and flexible credit requirements. The down payment required is 3.5% AND 100% of the down payment can be a “gift” from family or friends.  Take advantage of our low down payment mortgage options.


This loan considers the income of everyone living in the house as part of the qualification process – this includes people who rent from you, parents, or children. For eligible buyers, it could be possible to get into the home you have your eye on for as little as a 1% – 3% down payment.

Although lower down payments generally have restrictions of some kind (like mortgage insurance or location-based eligibility), it is still reassuring to realize that you have options other than a conventional loan.  Even if you don’t qualify for 100% financing or don’t have enough for 3.5% down, down payment assistance is also available. Take advantage of our low down payment mortgage options.

If you want more information, or would like to see if you qualify for any of the loans mentioned above, contact a Marketplace Home Mortgage Loan Officer today!

If you are not connected with a Marketplace Loan Officer, just fill out a contact request on our Marketplace Approved site or contact us here. We will put you in touch with a local mortgage professional who can help you get started.

Source: “NAR 2017 – Research and Statistics.”, The National Association of Realtors, 7 June 2018,