Top 5 Best Low-Down-Payment Mortgages of April 2024

Explore the best no- or low-down-payment mortgages of April 2024, which have the minimum requirement of as little as 0% to 3%, depending on the type of loan programs

Making a down payment of 20 percent or above seems ideal, as it can help you save quite a significant amount of money in the long run. However, saving for such a large upfront payment is challenging, especially for prospective homebuyers with limited savings. Luckily, several home lenders offer low- or no-down-payment mortgages that can hugely benefit those finding a 20% down payment out of reach. Here’s a look at the 5 best low-down-payment mortgages of April 2024; read along to find out.

Best Low-Down-Payment Mortgages of April 2024

Below are the top 5 mortgage lenders offering a down payment of as low as 0 to 3 percent.

  • Chase Bank: Best for Flexible Down Payment Options
  • Veterans United Home Loans: Best for VA Loans
  • U.S. Bank: Best for Variety Of Loan Types
  • Rocket Mortgage: Best for Lower Credit Scores
  • New American Funding: Best for Customer Satisfaction

Chase Bank

Chase, established in 1799 in New York, has been one of the largest banks in the world. Along with VA, FHA (Federal Housing Administration), conventional, and jumbo loans, the bank offers its exclusive Chase DreaMaker mortgage designed for prospective homebuyers within specific income limits. This program requires a minimum down payment of 3% for those meeting income criteria.

Eligible borrowers can also benefit from the Chase Homebuyer Grant, which offers a credit of up to $5,000 towards certain loan products. This can help reduce the loan interest rate, partially fund the mortgage down payment, or cut down on closing costs.



  • Multiple loan assistance programs;
  • Down payments as low as 3 percent are available for conforming loans;
  • Relationship rate discounts are offered;
  • Adjustable- and fixed-rate mortgages are available;
  • Can apply in person or online.
  • USDA loans are not available;
  • Certain loans come with strict requirements;
  • The Chase Homebuyer Grant is not available in every state.

Veterans United Home Loans

Specializing in VA loans, Veterans United Home Loans is one of the leading and largest VA lenders in terms of volume, offering mortgages in Washington, D.C., and all 50 states.

Thanks to the benefits of VA loans, eligible borrowers can make a down payment as low as 0%, and most loans typically close within 40 to 50 days. So, look no further than this home lender if you are a veteran, active-duty military service member, or eligible reservist seeking VA loans.



  • Specialization in VA home loans.
  • Also offering non-VA loan options.
  • Minimum down payment of 0%.
  • Free credit counseling.
  • Lender fees apply.
  • In-person branches in select areas only.
  • Fewer loan options are available for non-military homebuyers.

U.S. Bank

Based in Minneapolis, Minnesota, U.S. Bank offers multiple banking services and products, including several mortgage options. Home loan types that this national lender provides include FHA, VA, conventional, jumbo, refinancing, HELOC, USDA, and more. The minimum down payment requirements for the U.S. Bank’s VA, FHA, and conventional loans are 0%, 3.5%, and 5%, respectively.

Notably, the U.S. Bank also provides the American Dream mortgage, which allows qualifying borrowers with a low to moderate income to make a down payment as low as 3% without PMI.



  • Mortgage loans are available nationwide.
  • Closing cost assistance.
  • Existing U.S. Bank customers with a qualified checking account are eligible for a special discount on closing costs.
  • Pre-qualification without any credit impact.
  • No physical branches in many states.
  • Conventional fixed-rate loans require a down payment of at least 5%.
  • The American Dream mortgage program is available in select areas and has income and debt requirements.

Rocket Mortgage

Another best low-down-payment mortgages of April 2024 is Rocket Mortgage. Founded in 1985, it’s one of the U.S.’s largest mortgage lenders, best known for its completely digital experience of purchasing or refinancing a home. This Detroit-based lender offers various mortgage loan options, including FHA, VA, ARM, conventional, jumbo, etc.

Rocket Mortgage is willing to consider applicants with credit scores as low as 580 for certain loan options, which is lower than the minimum credit score of 620 many other mortgage lenders typically require. As for the minimum down payment requirements, Rocket Mortgage requires as little as 1% and 3.5% for conventional and FHA loans, respectively.



  • Nationwide availability;
  • Top-rated customer service;
  • User-friendly digital mortgage application process;
  • Require lower credit scores for certain loan options;
  • Down payment assistance.
  • USDA loans are not available;
  • No physical branches;
  • Above-average mortgage interest rates;
  • Origination fees are relatively high in comparison to those of other lenders.

New American Funding

Based in Tustin, California, New American Funding is a leading mortgage lender in the country, providing homebuyers and homeowners nationwide, excluding New York, with many home loan options. The lender offers multiple mortgage options, consisting of conventional loans, FHD, USDA, VA, jumbo loans, non-qualified mortgages, short-term loans, and more.

Another advantage of choosing New American Funding is that the lender offers lower rates than the national average. Furthermore, certain loans can be eligible for a 14-business-day closing guarantee: If New American Funding is unable to close your loan within 14 business days, you will receive a lender credit of $250.

The minimum down payment required for a home loan from New American Funding is low: 0% for USDA and VA loans, 3% for conventional loans, 3.5% for FHA loans, and 5% for I CAN mortgages.



  • Many mortgage options are available;
  • Ability to choose between an adjustable-rate or a fixed-rate mortgage;
  • 14-day closing guarantee on certain loan options;
  • Below-average interest rates.
  • The fees are not disclosed unless borrowers are applying for a mortgage;
  • Not available in New York;
  • The application process cannot be finished 100% online.

Top 5 Best Low-Down-Payment Mortgages of April 2024

Common Types of Mortgages with A Low or No Down Payment

Currently, many mortgage programs have no or low down payment requirements, making it easier for potential homebuyers, especially first-time buyers, with limited savings to qualify for mortgage loans. If you are looking to purchase a house with no or little down payment, take into consideration the following mortgage loans and compare different home lenders to find one with the best possible rate.

Mortgage Loan Options With No Down Payment

VA and USDA loans are government-backed mortgage loan programs. Both require a minimum down payment of 0 percent.

  • VA loan: The VA offers a no-down-payment mortgage for veterans, military members, and their families. Different lenders have different requirements for the credit score needed for VA loans; however, many require borrowers to have a minimum score of 620 or meet other eligibility criteria.
  • USDA loan: This mortgage program is offered through USDA (the United States Department of Agriculture). It’s for buyers in eligible rural and suburban areas across the U.S. Borrowers must have a credit score of at least 640 or have other qualifications to get this mortgage.

Mortgage Loan Options with A Low Down Payment

For some home purchase loan programs, borrowers have to make as little as a 3% down payment to qualify.

  • Conventional mortgages: Prospective homebuyers may be able to get a loan with just a 3% down payment, but in most cases, they will need to put down 20% to avoid paying PMI.
  • FHA loans: To qualify for an FHA (Federal Housing Administration) loan, a minimum down payment of 3.5% is required for those with a credit score above 580. However, for those with credit scores ranging from 500 to 579, the down payment requirement is at least 10%.
  • Freddie Mac Home Possible Mortgage: This program requires a minimum down payment of just 3%, offering low-income individuals the chance to become homeowners. This loan is accessible to borrowers with a credit score of at least 620.
  • HomeReady by Fannie Mae: A 3% down is the minimum upfront payment required to qualify for a HomeReady loan. Borrowers also need to have a credit score of 620 or above. Additionally, if your credit score is 680 or above, you may be eligible for more favorable loan terms.

Tips to Get the Best Low- or No-Down-Payment Mortgage

Getting the best down payment mortgage of as little as zero or three percent requires careful planning and research. Here are a few practical tips to help you navigate this process effectively:

Explore different loan options: Different loan types offer varying down payment requirements. VA and USDA loans can provide zero-down payment options for eligible borrowers. FHA loans typically require as little as 3.5% and conventional loans have the minimum requirement of 3% down for qualified buyers. Compare their eligibility criteria, loan terms, mortgage rates, and associated fees to identify the best option for your financial situation.

Check for assistance programs: Numerous Down Payment Assistance (DPA) programs are available across the nation, mostly funded by state, federal, or local governments. Also, various credit unions, banks, and even local charities provide similar programs, potentially saving you thousands towards your dream home.

Enhance your credit score: Even a slight improvement in your credit score can unlock better interest rates and loan options. So, to maximize your access to a variety of loan programs, it's important to work on improving your credit by paying down debt, maintaining on-time payments, and reducing your debt-to-income ratio.

Shop multiple lenders: Different lenders offer varying terms, interest rates, and associated fees for no or low down payment mortgages. It’s recommended to compare loans and programs from several lenders to find the best interest rates and fees possible.

Consult a housing or mortgage counselor: If shopping for a home is a daunting task for you, consider seeking guidance from a HUD-approved housing counselor. They'll assess your financial situation, suggest suitable loan programs, and help develop a plan to strengthen your application for a low-down payment mortgage.
In addition to the above tips, it’s also a good idea to boost your savings for a larger down payment since that can help you reduce your monthly mortgage payment and enhance your chances of securing a lower interest rate.

What Are The Current Mortgage Rates (April 2024)?

Here is some data regarding current mortgage rates, as of Wednesday, April 24, 2024, according to U.S. News:

  • 30-year fixed: 7.24% with 0.66 points
  • 5/1 ARM: 6.64% with 0.87 points
  • 15-year fixed: 6.75% with 0.64 points
  • 30-year FHA loans: 7.01% with 0.94 points
  • 30-year jumbo loans: 7.45% with 0.56 points

Current mortgage rates increased compared to the previous week. In 2024, it is anticipated that mortgage interest rates may reach their peak, potentially hitting 7% or even 8%, before starting to decrease. By the end of the year, they may settle between 5% and 6%. However, what will happen in the future will depend on the Fed's future moves and how fast interest rates might drop if the current trend of higher-for-longer rates of Fed reserves.


Thanks to the availability of low- and no-down payment mortgages and assistance programs, the journey toward homeownership for individuals with limited savings becomes easier. Chase Bank, Veterans United Home Loans, U.S. Bank, Rocket Mortgage, and New American Funding are among the best low-down-payment mortgages of April 2024 to consider. These financial products help you enter the housing market sooner with less upfront payment. Of course, there are also many different no- or low-down payment mortgage loan programs worthy of consideration. By carefully considering your options and choosing wisely, you can make a strategic investment in your future, building equity and financial stability through one of life's most significant purchases—your home.

Red more: What Is A Down Payment & How Much Is Required