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Low Down Payment Loans are for everyone

Low down payment loans are available for both first-time buyers and re-purchase buyers.   As a result, options can be confusing. For example, Fannie Mae and Freddie Mac offer first-time homebuyer loans. In fact, HomeReady and Home Possible programs are low down payment options for first-time buyers only. In contrast, FHA and VA allow for first-time buyers, however not required.  Specifically, loan programs designed for different credit and income qualifications are found. In addition, the program may have a loan amount and income limits.  Loan programs described below will clarify.

Loan Advisors at CharterStone Mortgage have the knowledge and experience to make the right fit. That is to say, we guide you to the program the fits your specific needs. With this in mind, we are available 7 days a week.

We get more applications Approved

CharterStone Mortgage allows for higher debt to income ratios than many other competitors. Consequently, more borrowers qualify for the same price home with CharterStone Mortgage. Ultimately, we go the extra mile to make home ownership a reality.


3% Down Payment

  • 3% down payment
  • Not Required to be the first-time buyer
  • No income limits.
  • 3% seller contribution towards closing costs allowed.
  • Gift funds from a relative or employer allowed.
  • Minimum 620 credit score- Primary residence only
  • 1-4-unit properties, condos, townhomes, PUD, manufactured allowed.


3% Down Payment for the First-Time Buyer

  • Home Ready and Home Possible Programs
  • First-time buyer- primary residence only
  • 3% down payment, flexible sources
  • Lower rates and Mortgage Insurance
  • Gift funds allowed
  • Income limits per geographic location apply
  • Down payment assistance allowed.
  • Minimum 620 credit score
  • 1-4-unit properties, condos, townhomes, manufactured allowed


FHA Home Loan

  • 3.5% down payment
  • Gift funds allowed
  • 6% contribution towards closing costs allowed from the seller, Lender, other.
  • Low rates
  • Minimum 580 credit score
  • Renovation loans available
  • Loan limits per County
  • Primary residence only for 1-4-unit, townhouse, PUD, Manufactured, condos must be on FHA approved list.

In addition, you may find more information here.


VA Home Loan

  • 100% financing
  • Eligible Active duty, Veterans and Spouses
  • 4% contribution toward closing costs allowed
  • Loan limits same as conforming guidelines
  • Renovation loans-finance in costs.
  • VA Jumbo available
  • Low rates
  • 1-4 unit, townhomes, PUD, primary residence only

In addition, you may find more information here.


90% Jumbo Loan

  • 10% down payment
  • No Mortgage insurance
  • Little or no reserve required
  • Very competitive rates
  • Fast closings with easier qualification requirements

In conclusion, Low down payment loans can be difficult to determine the best option.  As a result, we will guide you every step of the way to a smooth transaction.

Working with CharterStone Mortgage

Digital Application and Remote Online Closings

Lock Your Rate and Shop for Your Dream Home

Lower Rates and Fees

Experienced Loan Advisors

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