How do I get a mortgage with a low down payment?

Low down payment programs make homeownership accessible to buyers who have not saved 20% down. FHA loans require 3.5% down with a credit score of 580 or higher. The down payment can come from gift funds, and seller concessions can help cover closing costs. FHA loans require an upfront mortgage insurance premium and annual MIP. Conventional 97 loans from Fannie Mae and Freddie Mac allow 3% down for first-time buyers. Conventional loans require PMI when the down payment is less than 20%, but PMI can be canceled once you reach 20% equity. VA loans require zero down payment for eligible veterans and service members. There is no PMI requirement, but there is a funding fee unless you are exempt. USDA loans offer zero down payment for homes in eligible rural and suburban areas. Income limits apply, and the home must be in a designated USDA eligible area. Other options include down payment assistance programs, which provide grants or low-interest loans for down payment and closing costs. Many states and local governments offer these programs, and eligibility is often based on income and first-time buyer status.