Start with our four down payment assistance programs. Then compare conventional loans with 3% down, FHA with 3.5% down and VA with 0% down for eligible buyers. Each program has rules, and your lender must approve the loan.
Explore a goal below. No contact information needed.
Little or no down payment
Explore assistance first, then compare conventional 3%, FHA 3.5% and VA 0% down examples. Eligibility, assistance availability and actual costs vary.
$200,000$1,200,000
Down Payment Assistance
2% Grant
Example assistance$8,0002% assistance exampleProgram terms
Get help with eligible upfront costs without having to repay the grant itself. Program approval and eligibility requirements apply.
Terms: No repayment. No second loan for the assistance.
3.5% Grant
Example assistance$14,0003.5% assistance exampleProgram terms
A larger grant could help you keep more of your savings when buying your home. Program approval and eligibility requirements apply.
Terms: No repayment. No second loan for the assistance.
Forgivable Second Mortgage
Example assistance$14,0003.5% assistance exampleProgram terms
Get 3.5% assistance through a 0% second mortgage with no monthly payments. The balance may be forgiven after five years if program requirements are met.
Terms: An early sale, refinance or transfer may trigger repayment.
Repayable Second Mortgage
Example assistance$20,0005% assistance exampleProgram terms
Get 5% assistance through a second mortgage that is paid back over time. Compare its interest and monthly payments with your total financing costs.
Terms: Interest and monthly payments on the second mortgage apply.
For comparison only, these examples use $400,000 multiplied by the listed percentage. Actual programs may use a different calculation base or cap. These are not guaranteed benefits or buyer down-payment amounts. Program approval, location, availability, eligibility and permitted-use rules apply. Loan limits and program caps may limit assistance below these examples. Actual cash needed and loan terms vary.
Conventional
$12,0003% down example. A low-down-payment option for eligible buyers.
FHA
$14,0003.5% down example. Assistance may help eligible buyers.
VA
$00% down example. For eligible military buyers.
These examples show down payments, not all the cash you need to buy. Other closing costs apply. You must meet program and lender rules and loan limits. Assistance is not guaranteed.
Look at all the money you may need at closing, not just the down payment. Ask which assistance or credits are allowed and whether any help must be repaid. Prepaid expenses are costs paid ahead, such as taxes or insurance. Reserves are savings a lender may require you to keep after closing.
Example cash still needed$26,000
$200,000$1,200,000
$0$20,000
Down payment · 3.5%
$14,000
Example closing costs · 3%
$12,000
Assistance applied
$0
Example only, not a loan offer or guarantee. Assumes 3.5% down plus closing costs equal to 3% of the price, minus example assistance. Actual costs, deposits, credits, prepaid expenses and reserves vary. Assistance may have eligibility, permitted-use and repayment restrictions; it may not cover every cost. This is not an eligibility determination or complete cash-to-close estimate.
Compare the total payment, including mortgage insurance and any second loan. A larger down payment or different loan terms may help, depending on your situation. A fixed rate stays the same for the life of the loan. Reserves are savings a lender may require you to keep after closing.
Monthly loan payment before taxes and insurance$2,440
$200,000$1,200,000
0%30%
4%10%
Example rate, not today's mortgage rate. The loan is repaid over 30 years with a fixed rate.
Estimated loan amount
$386,000
See the monthly difference
Compare the same home price over 30 years. The starting example uses 3.5% down and a 6.5% example rate. Move a slider to see the difference.
Starting example $2,440
Your selections $2,440
Move the rate or down payment slider to compare monthly loan payments.
Example only, not a loan offer or eligibility determination. Excludes taxes, homeowners insurance, mortgage insurance, HOA fees and applicable financed loan fees. Actual total payments may be higher. A larger down payment uses more cash and is not always the best overall financial choice. Compare your reserves, other goals and complete loan terms. Slider values do not establish program eligibility.
FHA3.5%DownAssistance may help eligible buyers.Details +
$14,0003.5% down-payment example on a $400,000 home.
Eligible borrowers may use FHA financing with 3.5% down. Credit, property and other requirements apply.
Approved assistance may help with upfront costs. It has separate rules and is not available to every buyer. FHA mortgage insurance is required, and closing costs may still apply.
$0Down-payment example on a $400,000 home; other costs may apply.
Eligibility and entitlement matter. Your lender also reviews credit, income, occupancy and the property.
Your available VA loan benefit and the home's appraised value can affect whether you need a down payment. A VA funding fee may apply unless you qualify for an exemption.
A smaller down payment does not remove closing costs, taxes or insurance paid ahead.
Want to understand the help?
A grant and a second loan work differently. Check what you may owe later.
Which loan costs should you compare?
Compare the complete payment and cash needed. A lower down payment is not always a lower monthly payment.
A few good questions
Does $0 down mean $0 at closing?
No. Closing costs, taxes and insurance paid ahead of time, and program fees may still apply. Ask for an estimate of all the money you will need at closing.
Can every veteran buy with no down payment?
No. You must qualify for the VA benefit and have enough of that benefit available. The lender must approve the loan, and the home's price and appraised value also matter.
Is down payment assistance free money?
Not always. A grant may not need to be repaid. A forgivable loan may be canceled only if you meet its conditions. Other assistance loans must be repaid in addition to your main home loan. Program rules vary.
Which option will give me the lowest monthly payment?
It depends on the loan terms, fees, insurance and your situation. Compare actual loan estimates rather than the down payment alone.
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