Can I buy a home with little or no money down?

Many buyers assume they need 20 percent down, but plenty of loans start much lower. FHA loans are known for small down payments, and several conventional programs accept three percent.

The right program depends on your credit, your income, and your goals, so it is worth exploring with a lender before you assume what is possible.

For eligible veterans, active service members, and some surviving spouses, a VA loan can offer a true no-down-payment purchase, with no private mortgage insurance.

The VA program is one of the strongest paths into homeownership, and I work with military families on it often.

FHA loans typically allow a down payment around three and a half percent, and some conventional loans allow three percent. USDA loans, where available, can offer low or no down payment in eligible areas.

Each program has its own requirements, including debt-to-income and credit standards, so your lender will help match you to the right one.

A smaller down payment usually means a larger monthly payment and, on conventional loans, private mortgage insurance. It can also mean a higher interest rate depending on the program.

The tradeoff is getting into a home sooner, which for many families is worth more than the long-run savings.

A low down payment does not mean zero closing costs. You will still pay for the appraisal, title work, and other closing items, though some programs and sellers contribute toward them.

Knowing your full cash-to-close number before you make an offer keeps the budget honest.

The best first step is a pre-approval, which tells you what a lender will actually lend and what your payment will look like.

I can connect you with lenders who take the time to explain the whole monthly picture, so you choose the path that fits your life.