See What You Qualify For
Complete your mortgage application in minutes — no login required
Understanding Low Down Payment
The 20% down payment myth keeps millions of Americans from buying homes they can afford. In reality, the average first-time buyer puts down just 6%, and many programs require far less. FHA loans start at 3.5% down, conventional loans at 3% down, and VA and USDA loans offer zero down payment options. The cost of waiting to save 20% in a rising market often exceeds the cost of mortgage insurance.
Most buyers put down far less than 20%
How NMHL Helps
Proven solutions for low down payment
Personalized Consultation
Speak with a licensed expert who understands your unique situation and guides you to the right program.
Flexible Loan Programs
Access programs designed for borrowers in your exact situation — FHA, VA, conventional, and more.
Guided Process
We walk you through every step from pre-approval to closing. No surprises, no confusion.
Your Path to Homeownership
Free Consultation
Tell us about your situation and goals.
Explore Options
We match you with the best loan programs.
Pre-Approval
Get pre-approved to strengthen your position.
Close with Confidence
We guide you through closing smoothly.
Success Stories
“NMHL made our first home purchase incredibly smooth. The team guided us through every step and found us a rate we couldn't believe.”
“After being denied by two other lenders, NMHL found a solution for my self-employed income. Bank statement loan closed in 25 days.”
“The VA loan process was seamless. Zero down payment and the best rate I found anywhere. Thank you NMHL!”
We Serve 29 States
Click any state to see local rates and programs
Our Presence
Click on endorsed states to see our direct resources!
Frequently Asked Questions
Zero percent. VA loans for veterans and USDA loans for eligible rural areas require no down payment at all. For non-veteran borrowers, FHA loans require 3.5% down and conventional loans require as little as 3% down. Down payment assistance programs in many areas can cover some or all of your down payment.
Private Mortgage Insurance (PMI) is required on conventional loans with less than 20% down. It typically costs 0.3-1.5% of the loan amount annually, depending on your credit score and down payment. On a $300,000 loan, PMI might range from $75-$375 per month. PMI can be cancelled once you reach 20% equity. FHA has its own mortgage insurance (MIP) that works differently.
In most markets, buying sooner with a smaller down payment is financially advantageous. Home prices have historically appreciated 3-5% per year. On a $300,000 home, that is $9,000-$15,000 per year in equity growth. If saving for 20% takes 3-5 years, you could miss out on $27,000-$75,000 in appreciation while paying rent instead of building equity.
Yes. Most loan programs allow gift funds from family members for your down payment. FHA loans allow 100% of the down payment to come from gift funds. Conventional loans allow gifts once you meet certain guidelines. VA and USDA loans also accept gift funds. Proper documentation of the gift is required.
Helpful Resources
Ready to Explore Your Options?
Get a free, no-obligation consultation with a licensed mortgage expert.