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Low Down Payment Mortgage Options & Assistance FAQ

Frequently Asked Questions

Responses are based on requirements for Fannie Mae’s 3% down payment mortgage. Requirements may differ for other mortgage products.

Who is eligible for a 3% down payment mortgage?

What are the requirements for a 3% down payment mortgage?

I’ve owned a home in the past, am I still eligible for the 3% down payment?

Can I use funds I’ve received as a gift or a grant to help pay some or all of my down payment?

Will I need to pay mortgage insurance?

Can I make a 3% down payment when purchasing an investment property or a second home?

Can I make a 3% down payment on an ARM loan?

How can I see if I qualify for a 3% down payment?

 

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