Low Down Payment Options

HomeReady & HomePossible 


We offer Freddie Mac’s Home Possible® Mortgages and Fannie Mae’s HomeReady® Mortgages that allow low down payment and flexible credit terms. Now it is easier than ever to buy the home of your dreams.

  • Buy with as little as 3% down
  • First time or repeat buyer (cannot own other real estate at the time of closing)
  • Stable monthly payments with fixed-rate mortgages
  • Reduced mortgage insurance coverage levels
VA Loans*


Veteran Affairs (VA) loans are offered by the Department of Veterans Affairs to eligible Active Duty and Honorably Discharged Veterans and Reservists. 

100% financing without mortgage insurance to $625,500. 
VA loans are also available on loan amounts up to $1.5 Million.  The required down payment on loans over $625,500 is 25% of the difference between the sales price and $625,500. 

  • For down payments less than 20%, the VA loan is the best program available for eligible Veterans/Reservists. 
  • VA Rates are typically cheaper than corresponding conventional rates.
  • Higher debt ratios are allowed (into the low 50s). 
  • Depending upon the eligibility amount, you may be able to have more than one VA loan open at a time. 
  • If rates fall, the borrower may qualify for a Streamline Refinance that carries reduced closing costs, no appraisal and borrower does not have to re-qualify for the mortgage. 
  • Credit Scores as low as 620 allowed.
  • Shorter wait times for major derogatory items like Foreclosures, Bankruptcies and Short-Sales. 

A Certificate of Eligibility is required from the VA to determine Veteran’s eligibility.  Jay Pyne can order this electronically from the VA as part of the preapproval process at no cost.


FHA Home Loans*

Federal Housing Authority (FHA) loans offer low down payments of just 3.5% and allows higher Debt Ratios than Conventional loans.  Generally the minimum credit score for a FHA loan is 640 but in some cases scores down to 620 may be allowed. Non-occupant co-borrowers are allowed, and buyers do not have to have cash reserves. FHA loans are also available to non-permanent resident aliens.  The maximum amount of FHA loans is $625,500. Jay Pyne can help you determine your eligibility and secure the best program and terms for your unique situation!
* This product or service has not been approved or endorsed by any governmental agency and this offer is not being made by an agency of the government. 

The pre-approval process, which entails full documentation and credit check, is the best way to determine the number that are right for you. Early in your search, you can identify any potential hurdles and focus only on homes truly available to you.

The Purchase Pre-Qualification calculator below will help you determine how much you may be able to borrow based on your income and recurring monthly debts.

Some costs will vary based on your scenario. While this is a good place to start, I hope we’ll talk further before you start looking. We would be happy to verify the necessary information to be able to provide you with a pre-approval that can give you a big leg up on competitors when making an offer on a home.

Please reach out when you’re ready. I’m here to help!