4 Ways to Buy a Home With Minimal Down Payment

Down Payment - Huntington Beach Mortgage Lender

As a Huntington Beach Mortgage Lender, we understand how difficult it can be to save for a down payment on a home. After all, a lot of us have been in this position before and many of us will be in it at some point in our lives.

However, putting a down payment on a house doesn’t have to break the bank for you. Inspired by this article, here are four ways that you can still buy a home without having to make a huge down payment.

1.      USDA

Getting a loan through the Department of Agriculture is possible to people who have a respectable credit score and a consistent source of income. These type of loans are typically meant for locations in rural areas and the interested buyer cannot already own a home.

A 2% fee is required right from the start and a 0.5% yearly fee is also included in the loan. There is also no mortgage insurance for a USDA loan.

2.      VA Loans

Are you a veteran or active military and looking to buy a home? If so, a VA Loan is likely a great option for you!

To those who qualify for this type of loan, no money down is required and there are minimal closing costs, making a VA Loan an ideal way to purchase a home if you are short on cash. Additionally, interest rates are usually lower for this type of loan and credit requirements are not as strict.

3.      First-Time Home Buyer

Obviously, this program is ideal for people who are buying a home for the first time in their lives. The criteria may vary depending on who you are obtaining the loan from and which state you are in. There may be income limits and credit requirements that borrowers may need to meet, but the first-time home buyer program is a great way to obtain a loan if you’re new to the game.

4.      FHA Loans

FHA Loans offer several benefits that have been helping people obtain loans for more than 80 years. If you don’t have a great credit score, this loan is for you!

With an FHA loan, a 3.5% down payment is required and insurance is now just 0.85%. If you are looking for a smaller down payment than the common 20%, this kind of loan can help you greatly.


Don’t let the fear of having to lay an enormous down payment on a home prevent you from achieving your homeownership dreams. With a Summit Lending Huntington Beach mortgage lender such as myself, I will help you realize options you never knew were possible.

To learn more about our programs and how I can personally help you achieve your financial dreams, contact me today!

Eric Gausepohl and Matt Gausepohl
NMLS# 371291 | NMLS# 328382

Huntington Beach Location
2130 Main Street Suite 110
Huntington Beach, California 92648

Temecula Location
28581 Old Town Front Street, Ste 108
Temecula, CA 92590

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