Low Down Payment Mortgage

  1. linkedin endorsement
    via linkedin: Olivia Simms
    Ivan has been there with me through it all! It’s been almost a year and I must say Ivan has been there still. He made sure that I have been updated with whats going on being a new home owner. Even when I thought I had it together he had good tips that has helped me in every area of my new journey ! Ivan thank you so much I couldn’t imagine the journey without you, You Are Simply The GREATEST!!!
  2. via Yelp - Thao Nguyen
    via Yelp - Thao Nguyen
    I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan! A trusted consultant for 10 years in the Mortgage business, I take pride in finding solutions to my clients needs. I love being the “go to” guy for my clients. There’s a good feeling when a past client sends a text message or email asking inquiring about a new mortgage. I know the hard work invested will pay off as time passes on. A little Bit More – let’s connect! lets-connect What People Say About Me – Testimonials Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times. He also has great customer service. He responds extremely quickly and is on top of everything. He made my first transaction really smooth and easy. We got caught at some bumps in the road but he found a way to help us resolve it. He is a genuinely nice person. He occasionally shoots me an email to see how things are or whether I have any questions regarding anything. He is there to help and I can just tell that he loves his job. Thank you for helping us through our first transaction Ivan! Le Tran I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan!
  3. via Yelp! - Le Tran
    via Yelp! - Le Tran
    Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times.
  4. C Boss
    C Boss
    This experience has been flawless and so easy! Ivan has been a great resource and is so patient with first time home buyers.
  5. Tom Brewer
    Tom Brewer
    I don't know how to thank you. I feel certain that I wouldn't once again be a homeowner without your help.

what our clients say

FHA Home Loans

One of the most popular type of Low Down Payment Mortgages, FHA loans are an excellent option for many first-time home buyers as they require just a 3.5% down payment. FHA loans also offer competitive terms like low interest rates and lower closing costs and fees than many conventional mortgage loans.

What is an FHA Loan?

FHA is a type of mortgage backed by the US Department of Housing and Urban Development.  HUD does not lend directly to buyers however, they do back certain mortgages, providing lenders with additional protections made possible through mortgage insurance premiums. 

What is the FHA mortgage insurance premium?

Mortgage insurance is an insurance policy attached to your mortgage loan which helps to protect lenders against losses they would incur if you were to default on your mortgage loan. All FHA's regardless of down payment required an Up Front Mortgage Insurance premium of 1.75% of the loan amount  (financed) and an annual mortgage insurance premium which is paid by you in your monthly payment. The amount charged to you for FHA-backed mortgage loan premium insurance depends on the amount of your mortgage loan, and how much you put down as a down payment. I can help you to determine exactly what you’ll be charged each month for mortgage insurance based on your specific home purchase and finances.

FHA Loan Benefits


  • Your down payment may consist entirely from "gift funds"
  • Credit Scores below 600 Allowed! Criteria is lenient
  • Up Front Mortgage Insurance Premiums is financed (Not on Conventional) and monthly
  • Great Rates typically lower than Conventional Mortgages

Conventional 97% Mortgage

Although most conventional lenders will require a 20% down payment to avoid mandatory private mortgage insurance (or, PMI) on the loan, there are options to "buy out" the MI with a one time - single premium mortgage insurance payment for credit-worthy borrowers who put down as little as 3% down payment. The Conventional 97 program is available from Fannie Mae and Freddie Mac .

Another option to avoid Mortgage Insurance is combining a 2nd mortgage with your first lien. There are several lenders that offer a 2nd mortgage with easy to qualify guidelines. Purchasing a home just got easier than trying to save the full 20% down.

The Conventional 97 basic qualification standards are :

  • Loan size may not exceed $424,100
  • The subject property must be a single-unit dwelling. No multi-unit homes are allowed
  • The mortgage must be a fixed rate mortgage. No ARMs via the Conventional 97

fannie mae

freddie mac

Find out if you qualify

Fannie Mae Home Ready

​​ Fannie Mae’s Home Ready program is available to prospective low to moderate income prospective homeowners (or those of any income who plan to buy in a Home Ready qualifying neighborhood or area) who have an established credit history and corresponding score of at least 620. One of the top advantages of the Home Ready program is that it requires just a 3% down payment, and the down payment may be funded by sources that traditionally won’t count as down payment sources, such as local government or organizational grants for home ownership.

Find out if you qualify

Common Mortgage Questions


Can I use gift funds for a down payment?

Yes you can. There are specific guidelines on what is considered a “qualified” gift. VERY IMPORTANT: Before making exchanging funds, speak with your mortgage banker to avoid any delays or additional required documentation.
What is the minimum down payment for a mortgage?

The minimum down payment for a mortgage are:

  • VA loan: 0% down payment
  • USDA loan: 0% down payment
  • Conventional 97 mortgage: 3% down payment
  • HomeReady™ mortgage: 3% down payment
  • FHA loan: 3.5% down payment
  • In addition to the above programs, down payment assistance programs are often available.


How can I fund a down payment?

The more common ways to fund a down payment is to use your savings or checking account; or, for repeat buyers, the proceeds from the sale of your existing home. However, there are other ways to fund a down payment. For example, home buyers can receive a cash gift for their down payment or can borrow from their 401k or IRA.

Down payment assistance programs can fund a down payment, as well. Typically, down payment assistance programs grants money to home buyers with the stipulation that they live in the home for a certain number of years — often 5 years or fewer.
Regardless of from where you fund your down payment, though, make sure to keep a paper trail. Without a clear account of the source of your down payment, a mortgage lender may not allow its use.


How much home can I afford?

The answer to the question of “How much home can I afford?” is a personal one and one which should not be left to your mortgage lender. The best way to answer the question of how much can you afford for a home is to start with your monthly budget and determine what you can comfortably pay for a home each month. Then, using your desired payment as the starting point, use a mortgage calculator to work backwards in order to find your maximum home purchase price.

Note that today’s mortgage rates will affect your mortgage calculations so be sure to use current mortgage rates when you’re doing your calculations. When mortgage rates change, so does home affordability.

Zero Down Mortgage Loans

Zero down mortgages are 100% financed loan types offered by the U.S. Department of Agriculture (USDA loan or “Rural Housing Loans”) and the Department of Veteran Affairs (VA loan). Another Options is combining a Down Payment Assistance Program.  Additionally there are several low down payment options like the FHA loan (3.5% down), the conventional 97% (3% down) and the HomeReady mortgage (3% down). Visit my " No Money Down " page.

What Are Today’s Mortgage Rates?

Today’s rate depend on current market conditions,  various risk based factors considered by the mortgage program and client scenario. Fortunately, most lenders are very competitive and rates for most mortgage programs are within a given range. However, a difference of .125% in rate can be significant over the life of the loan and eligible costs/credits to the borrower. Check out my blog on “ How to Shop a Mortgage Rate