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

Explore five among the best low-down-payment mortgages of June 2024, which require borrowers to make an upfront payment of as little as 0% to 3%.

Large down payments offer substantial benefits, including smaller total monthly payments and lower total costs in the long run. However, making a large upfront payment, like 20% of the home purchase or higher, is only possible for some homebuyers. The great news is that a wide range of options for low or even no down payments now allow homebuyers, especially those with low income or limited savings, to purchase their dream home sooner. Here are the top 5 best low-down-payment mortgages of June 2024 that you may want to consider.

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

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

  • Rocket Mortgage: Best for 1% down payment
  • Bank of America: Best for modest-income borrowers
  • Veterans United Home Loans: Best for VA Loans
  • PNC Bank: Best for Repayment Term Options
  • Guaranteed Rate: Lower than the national average

Rocket Mortgage: Best For 1% Down Payment

Founded in 1985, Rocket Mortgage is one of the nation’s largest mortgage lenders, offering a quick, smooth online experience. Loan types offered include VA, conforming, FHA, ONE+, jumbo, conventional loans, and more. The lender doesn’t have physical branches; however, phone and chat support are available. Also, it has top-rated customer satisfaction for mortgage origination and servicing.

More importantly, Rocket Mortgage’s products offer home buyers some significant flexibility. For example, its YOURrage home loan option allows borrowers to select a loan term of as short as eight years to as long as 29 years.
In addition, the lender’s ONE+ program can be an ideal choice for those looking for a low down payment mortgage program. With this option, when eligible borrowers qualify for 3 percent down on conventional loans, they will need to put down 1 percent, while Rocket Mortgage will cover the other 2 percent.



  • Offers a 1% mortgage down payment for conventional loans.
  • Top-rated customer satisfaction.
  • Flexible-term mortgages are available.
  • Offers a fully digital mortgage experience.
  • No USDA loans or HELOCs.
  • No in-person branches.
  • Above-average interest rates.

Bank of America: Best For Modest-Income Borrowers

Bank of America, the U.S.’s second-largest bank, offers a generous selection of mortgage options, including VA, FHA, HELOC, jumbo loans, etc. Notably, its Affordable Loan Solution is considered an extremely affordable mortgage that requires only 3% down.

Another benefit of working with Bank of America is its robust offerings for modest-income borrowers. If you need help with the upfront mortgage payments, America’s Down Payment Grant program and Home Grant program are well worth considering. With America’s Home Grant program, eligible borrowers could get as much as $7,500 in closing cost assistance, while its Down Payment Grant program allows borrowers to receive up to 3% of the purchase price, with a maximum limit of $10,000, in down payment assistance in qualifying areas.

The lender serves customers nationwide and has branches in Washington, D.C., and 38 states. That makes Bank of America ideal for borrowers who want to meet loan officers in person.



  • Physical branches in many states.
  • Offers different loan options for first-time homebuyers.
  • Closing cost and down payment assistance.
  • Borrowers can apply online or in person.
  • No USDA loans.
  • Above-average interest rates.
  • Doesn’t disclose pre-approval or closing times.

Veterans United Home Loans: Best for VA Loans

Offering mortgages nationwide, Veterans United is currently the nation’s largest lender of VA loans. The lender has been leading the nation in generating the highest annual number of VA purchase loans since 2016. It also has highly-rated customer satisfaction, providing 24/7 customer service. The lender also provides a free credit counseling service to help potential borrowers prepare to qualify for their loans.
For VA loans, the minimum downpayment is as low as 0%, but this program is exclusively for veterans, active-duty service members, and their families. So, for eligible borrowers looking for a VA loan, Veterans United Home Loans is a top choice.

In addition to VA loans, this lender offers other types of loans, including FHA, USDA, conforming, jumbo, and more. Still, VA loans are its strongest program.



  • Free credit counseling.
  • 24/7 customer support over the phone.
  • Specialization in VA loans.
  • Non-VA loans are also available.
  • Unavailability of Home equity loans and HELOCs.
  • No physical branches in most states.
  • Not really transparent about non-VA loan programs.

PNC Bank: Best for Repayment Term Options

PNC Bank is another lender with best low-down-payment mortgages of June 2024. As one of the largest banks in the U.S., PNC Bank operates in all 50 states, offering multiple mortgage products, including several loan options specialized for borrowers with low and moderate incomes and for medical professionals.

VA, FHA, USDA, and the PNC Community Loan are among the low- or no-down-payment loan options provided by this lender. Particularly, the PNC Bank Community Loan is an exclusive offering that enables prospective homeowners to make a minimal down payment of just 3% (without paying PMI—the Private Mortgage Insurance). Additionally, it provides the flexibility to opt for adjustable-rate or fixed-rate mortgage options.

Another great benefit of working with PNC Bank is that it has more repayment term options than many other mortgage lenders. Regardless of your preferred repayment term, PNC Bank likely has an option for you: 30-, 20-, 15-, and 10-year fixed-rate mortgages, as well as 10- and 7-year ARMs (adjustable-rate mortgages).



  • In-person and online service available.
  • Provide multiple loan product lines to suit a wide range of customer needs.
  • Many repayment-term options.
  • Personalized rate quotes.
  • No home renovation loans.
  • Application and preapproval cannot be completed entirely online.
  • In-person service is not available in many states.

Guaranteed Rate: Best for Digital Closing

Guaranteed Rate, a well-known online lender in the U.S., offers various mortgage options, including conventional loans with adjustable- and fixed-rate terms, FHA, VA, jumbo loans, and more, to customers in Washington, D.C., and all 50 states. When working with this Chicago-based lender, prospective homebuyers can take advantage of specialized mortgage loan products and its streamlined digital process. Borrowers can go through the online process entirely but also have the option to visit one of its many in-person branches across the country.

Importantly, the lender also stands out for its fast closing time. Eligible borrowers utilizing its Same Day Mortgage can close in 10 days and get their loan approved within one day. In addition, Guaranteed Rate offers interest rates generally below the industry's average.



  • Offers multiple types of mortgages.
  • Operates nationwide.
  • In-person branches in most states.
  • Streamlined digital mortgage process that allowed borrowers to use an entirely remote closing process.
  • Same-day approval for qualified borrowers.
  • No USDA loans and traditional home equity loans.
  • Application fee required.

What Are the Current Mortgage Rates (June 2024)?

Mortgage interest rates fluctuated a bit in the first week of June 2024 compared to the previous week. Here are details regarding updates for the current mortgages for June this year, as of June 5, according to the U.S. News:

  • 30-year fixed: 7.07% with 0.65 points
  • 5/1 ARM: 6.37% with 0.63 points
  • 15-year fixed: 6.75% with 0.63 points
  • 30-year FHA loans: 6.87% with 0.96 points
  • 3-year jumbo loans: 7.21% with 0.41 points

FAQs About Low-Down-Payment Mortgages

Is It Necessary To Be a First-Time Homebuyer to Qualify for a Low-Down-Payment Mortgage?

No. Low- and no-down-payment mortgages are not limited to only first-time homebuyers. Many programs also offer options with down payment requirements of as little as 3% or even lower for repeat buyers or those who have previously owned a home. Whether you are a first-time or repeat homebuyer, it’s always crucial to consider all available options to make a well-informed decision. Remember, always carefully check with lenders, as requirements can vary.

What Credit Score Should I Have to Buy a House with Zero Money Down?

Prospective homebuyers will need a minimum credit score of 640 for the no-down-payment USDA-backed loan program. Typically, VA loans with a 0% down payment have a minimum credit score requirement of 580 to 620. Likewise, low-down-payment mortgages, including FHA and conforming loans, require FICO scores of at least 580 to 620.

What Is the Average Upfront Payment on a House?

According to Forbes, during the second quarter of 2023, the average nationwide down payment for a house was 14.4 percent, with a median average of $34,248.

How Much Are Closing Costs?

Closing costs are typically about 3% to 5% of the total mortgage loan amount. For example, if you have a $500,000 mortgage, you can expect to pay anywhere from $15,000 to $25,000 in closing costs. The specific amount you'll pay in closing fees will vary based on factors such as the price of your home, the size of your down payment, the lender you choose, and the property's location.

Wrapping Up

Without a doubt, no- or low-downpayment mortgages provide prospective homebuyers with affordability and flexibility, making homeownership accessible for many, especially first-time homebuyers and those with modest income and limited savings. Rocket Mortgage, Bank of America, Veterans United Home Loans, PNC Bank, and Guaranteed Rate are five great lenders with the best no- and low-down-payment mortgages of June 2024 that you can consider. Along with them, there are, of course, plenty of other great ones for you to opt for. Still, please note that each low-down-payment mortgage option has particular pros and cons. So, it's essential to recognize that the best down payment mortgage loan option is one that best fits your financial situation and future plans.

Read more: Top 6 Best Low-Down-Payment Mortgages of May 2024