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Some eligible conventional mortgage programs permit down payments as low as 3%, depending on borrower qualifications, property type, and program requirements.

Mortgage insurance may apply when the down payment is less than 20%.

Eligible FHA borrowers may qualify with a down payment as low as 3.5%, subject to applicable credit, underwriting, and program requirements.

FHA financing generally includes upfront and annual mortgage insurance premiums.

Eligible veterans, service members, and certain other qualified borrowers may be able to purchase with no down payment, subject to entitlement, lender requirements, and other eligibility conditions.

Funding fees may apply unless the borrower qualifies for an exemption.

Eligible borrowers purchasing qualifying properties in designated areas may have access to USDA financing with no required down payment, subject to household income, property, and program eligibility requirements.

USDA loans generally have applicable guarantee fees.

Lenders review applicable credit information to assess repayment history and risk. Credit requirements and scoring models vary by loan program and lender.

Qualifying income generally must be documented and evaluated for stability and continuance under the applicable program guidelines.

Employment history, income type, and supporting documentation can affect how qualifying income is calculated. Changing jobs does not automatically make a borrower ineligible.

Existing debts are considered when calculating debt-to-income ratios and evaluating the borrower's ability to repay.

Lenders may verify funds for the down payment, closing costs, and any required reserves. Acceptable sources and documentation vary by program.

No. Certain mortgage programs allow eligible buyers to purchase with less than 20% down, and some qualifying programs may allow no down payment. Program requirements, mortgage insurance, and other costs vary.

Credit requirements vary by mortgage program, lender, and borrower circumstances. A licensed mortgage professional can review your situation and discuss potential financing options.

Your savings target depends on the purchase price, loan program, down payment, closing costs, prepaid expenses, and any required reserves. It is also wise to consider moving expenses and an emergency fund.

Certain loan programs permit eligible gift funds, subject to donor eligibility, documentation, and other program requirements.

Student loans do not automatically prevent mortgage qualification. The applicable program determines how student loan obligations are evaluated.

Some state, local, and other eligible programs offer down payment or closing cost assistance. Availability, funding, eligibility, and participating lenders vary. Assistance may involve grants, deferred-payment loans, forgivable loans, or other structures with specific conditions.

A mortgage pre-approval may involve a credit inquiry, which can affect credit scores. The impact depends on the inquiry type and credit-scoring model. Multiple mortgage inquiries made within an applicable rate-shopping window may be treated differently from unrelated credit inquiries.

Early in the planning process. A financing conversation can help you understand your options, identify documentation needs, and build a realistic purchase timeline.