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We spent over 400 hours reviewing the top mortgage lenders before selecting the best for our readers. We’ve picked at least two lenders in several "best of" categories to help you find a lender that meets your needs.
If you’re like most home buyers, a down payment is the biggest obstacle between you and homeownership. Finding a lender with zero- or low-down-payment loans could be the difference between buying a home now or having to wait months or years.
National programs, such as those backed by the Department of Veterans Affairs or the U.S. Department of Agriculture, offer loans with no down payment to qualified buyers. Mortgages underwritten to Federal Housing Administration guidelines offer down payments as low as 3.5% — and even today’s conventional loans can go as low as 3% down.
As you can see, there are quite a few ways to get a mortgage with a low down payment or none at all, and there are obvious advantages to putting less money down. But there are disadvantages, too, such as a higher monthly payment, so it’s important to understand and compare your options before you buy a home.
» MORE: No- and low-down-payment mortgage FAQs
NerdWallet’s best lenders for zero- and low-down-payment loans
at Rocket Mortgage
620
3%
Ideal for prospective first-time buyers aiming for app-level convenience. With Rocket Mortgage, you'll find out in minutes what your loan terms will be — and be able to adjust the fees and corresponding interest rate.
at SoFi
Regional
10%
Ideal for jumbo-loan borrowers who want to put less money down; 10% down is a really low down payment requirement for a jumbo loan. Also, SoFi doesn't require you to pay mortgage insurance even if your down payment is less than 20%.
at Quicken Loans
620
3%
Ideal for low down payment borrowers looking for an excellent online experience. Quicken Loans is known for being a leading technology company with a strong emphasis on first-time homebuyers.
at Carrington
550
3%
Ideal for those with nontraditional credit histories. About 95% of the mortgages Carrington makes are FHA, VA or USDA.
at Flagstar
620
3%
Ideal for borrowers who appreciate face-to-face service. With community-based loan officers in so many parts of the country, Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households.
at Bank of America
620
3%
Ideal for first-time home buyers. Bank of America's Affordable Loan Solution mortgage requires only a 3% and no mortgage insurance premium.
at PNC Mortgage
620
3%
Ideal for those seeking a traditional bank. PNC offers FHA mortgages with down payments as little as 3.5%. Sellers may kick in up to 6% of purchase price toward the closing costs.
at SunTrust
620
3%
Ideal for home buyers who have little saved for a down payment, and thus prefer to get an FHA, VA or USDA mortgage.
at CitiMortgage
National
3%
Ideal for borrowers on a tight budget. CitiMortgage's HomeRun loan program allows for a down payment as low as 3% without private mortgage insurance.
at Navy Federal
National
0%
Ideal for servicemembers, veterans, DoD civilians and military family members who want options. Navy Federal Credit Union offers not one but three different $0 down payment mortgage options for military and related personnel.
Best zero- or low-down-payment mortgage lenders: Summary
- Best for online experience: Rocket Mortgage
- Best for online experience: Sofi
- Best overall for zero- and low-down-payment home buyers: Quicken Loans
- Best for low credit score or nontraditional credit history: Carrington Mortgage
- Best overall for zero- and low-down-payment home buyers: Flagstar Mortgage
- Best for traditional bank: Bank of America
- Best for traditional bank: PNC Mortgage
- Best for first-time home buyers: SunTrust Mortgage
- Best for first-time home buyers: CitiMortgage
- Best for low credit score or nontraditional credit history: Navy Federal
Best zero- or low-down-payment mortgage lenders: Details
Lender | Best for | Highlights | Minimum credit score* | Learn more |
|---|---|---|---|---|
 | Online experience | Simple and fast online application | 620 (conventional) or 580 (FHA) | |
 | Online experience | Online application and loan tracking service | Not disclosed | |
 | Overall for zero- and low-down-payment home buyers | Largest FHA lender; offers other low-down mortgages | 620 (conventional) or 580 (FHA) | |
 | Low credit score or nontraditional credit history | Down payment assistance programs through housing authorities in some states | 550 | |
 | Overall for zero- and low-down-payment home buyers | Finds state bond programs for first-time buyers and limited-income households | 620 (conventional) or 580 (FHA) | |
 | Traditional bank | Mortgage specialists to assist in the loan process | 620 (conventional) or 600 (FHA) | |
 | Traditional bank | Comprehensive range of loans; easy-to-navigate website | 620 | |
 | First-time home buyers | Full line of mortgage loan products | 620 | |
 | First-time home buyers | Low-down options that don't require private mortgage insurance | Not disclosed | |
 | Low credit score or nontraditional credit history | Underwriting model that allows greater loan flexibility | Not disclosed |
* Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standards
Low- and no-down-payment FAQs
NerdWallet’s selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
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