What is it?

Low down payment loans help people get into homes with less than a 20% down payment. We have loan programs with down payments as low as 0% - 3.5%.

Who is it for?

Low down payment loans are a great option for those who don’t have a large down payment or may not qualify for other types of loans, particularly for first-time homebuyers.

What are the benefits?

With low down payment loans enjoy greater credit allowances and low down payments. Some may also include no mortgage insurance options.

Loan details

We offer loan programs with low down payments and competitive interest rates that don't require private mortgage insurance (PMI). To help people with less than a 20% down payment, we offer Federal Housing Administration (FHA) loans # , as well as our HomeReady® #  and Economic Opportunity Mortgage® loans. # We also offer VA loans # with no down payment and no PMI. These are particularly helpful for first-time homebuyers.


Products offered:

FHA Loans #

  • 3.5% down payment on purchase transactions
  • Down payment may be comprised of all gift funds
  • Non-occupying co-borrowers allowed
  • Loans can be used in conjunction with eligible government down payment assistance programs
  • Non-traditional credit allowed


HomeReady® Loans #

  • Down payments as low as 3%
  • More sources of down payment permitted
  • Non-occupying co-borrowers allowed


Economic Opportunity Mortgage® (EOM) #

  • 3% down payment
  • No PMI required
  • Alternative credit history such as rent and utility payments considered


VA Loans #

  • No down payment required
  • No private mortgage insurance (PMI)
  • Fixed- and adjustable-rate options available
  • Loan amounts to $1,500,000

Loans subject to credit and collateral approval. Not all loan programs are available in all states for all loan amounts. Restrictions may apply. Terms and conditions subject to change. Union Bank NMLS ID #539249.

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