An Introduction to Low Down Payment Programs

With flexible qualifying, help from friends or family and down payments as low as 3%, Summit Mortgage offers a variety of programs to choose from! Have questions? Want help getting started? Complete our Quick Start Form and we’ll connect you with a loan officer that matches your specific needs. They’ll provide a free consultation and guide you through every step of the loan application process.

FHA & Conventional Home Loans

Today’s home buyer has several options for affordable, low down payment programs that can help many with different financial situations become homeowners. Both FHA and Conventional loans have a wide variety of options including alternative source of funds, seller contributions, renovation financing and options for borrowers with past credit events.

Low Down Payment Options

Minimum down payments

3.5% FHA / 3% Conventional. Both loan programs allow sellers to contribute up to 6% towards closing costs and are perfect for borrowers with little funds for upfront costs.

Options. Options. Options.

FHA & Conventional home loans have many options for borrowers to consider including fixed or adjustable rates and a variety of loan terms for both home purchases and refinances. I’m here to help you understand all your options and make the best decision for your specific situation.

Flexible Qualifying Guidelines

Borrowers with less than perfect credit can still qualify for financing. Both programs let friends or family members to help you qualify with gift funds for the down payment and allow for non-occupying co-borrowers.

Low Down Payment Programs

FHA Home Loan Details

• 3.5% minimum down payment
• Entire down payment may come from gift funds (talk to me about this early in the process!)
• Up to 6% seller contribution allowed
• Non-occupying borrowers are allowed to help the occupying borrowers qualify for the loan. A great option for parents looking to help their children buy their first home!
• Non-traditional credit history acceptable
• Variety of loan terms available for both purchase and refinance
• FHA loans have both up front and monthly mortgage insurance for the life of the loan

Conventional Home Loan Details

• 3% minimum down payment
• Entire down payment may come from gift funds (talk to me about this early in the process!)
• Seller paid closing costs or concessions up to 3-6% of sales price depending on the LTV
• Non-occupying borrowers are allowed to help the occupying borrowers qualify for the loan. A great option for parents looking to help their children buy their first home!
• Variety of loan terms available for both purchase and refinance
• Conventional loans with less than 20% down can require mortgage insurance, but also have the ability to cancel mortgage insurance once enough equity is present