Resources to support affordability

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Which low- or no-down payment loan is right for me?

There are more cost-effective routes to homeownership that require a lower (or even no) down payment and often offer better rates than you might find with a standard loan. But what are the differences between them, and how do you know which to choose? Here are five of the most common low and no-down payment loan options at a glance:

Low or no down payment

Chart values reflect standard examples
* Recommended, but no official limit present
† Area Median Income
‡ In most counties

More solutions for affordability

Credit advice and repair

The average American has tens of thousands of dollars worth of debt. But even small improvements to your overall financial profile first can make a big difference when it comes to qualifying for a home loan. Find resources to successfully create payment plans, refinance student loans and improve your credit score.

Best for homebuyers who...
have been deemed ineligible for a mortgage due to low credit scores.

More: Repair and improve your credit →

Down payment assistance

Check the U.S. Department of Housing and Urban Development (HUD)’s available programs in your state. Your local housing authorities can also provide counseling and support on your homebuying journey. For eligible buyers, down payment assistance can come in the form of loans, grants and other supporting programs.

Best for homebuyers who...
have a good credit score, but may need additional funds for their down payment.

More: HUD homebuying programs by state →


A rent-to-own agreement allows renters to save toward their down payment in paying rent each month. This can be a great alternative path to homeownership if you want to own a home, but perhaps aren’t ready to do so right away. Some rent-to-own services can even help you find the right home as part of your lease agreement.

Best for homebuyers who...
have found or are ready to move into their ideal home, but need some additional time to save up and improve their financial profile.

More: How rent-to-own works →

Manufactured homes

Unlike a traditional mobile home, modern manufactured homes are built to stand permanently on land that you purchase or rent. Today's prefab houses can offer the comforts of home at a much lower cost per square foot – often without needing to sacrifice space, functionality or finishes.

Best for homebuyers who...
are looking to make a tighter budget go farther than what they can afford with a traditional home.

More: Insurance for manufactured homes →

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