How to Buy a Home with a 'Low' Down Payment in 2024

How to Buy a Home with a 'Low' Down Payment in 2024

Think you need 20% down to buy in Somerville or Medford? Think again. In 2024, there are several ways to enter the market with much less.

The Options

• FHA Loans: Just 3.5% down. Great for buyers with lower credit scores.
• Conventional 97: Only 3% down for first-time buyers with strong credit.
• VA Loans: 0% down for veterans and active-duty military.
• MassHousing: 3% down with no private mortgage insurance (PMI) under certain programs.

The Trade-Off

You will have a higher monthly payment, but you'll start building equity now instead of waiting 5 years to save.

[[CTA]] Stop waiting and start owning. Let's look at which low-down-payment program fits your budget.