Buying your first home can feel like a lot — so here’s the part most people worry about, settled up front: you almost certainly need less money down than you think, and you don’t need perfect credit. FHA guidelines start at 3.5% down with a 580+ credit score, qualifying first-time buyers can access conventional loans at 3% down, and eligible veterans and rural buyers may put nothing down at all. No question is too small — really. This page walks the whole path.
3.5%
FHA minimum down payment with a 580+ credit score
3%
Conventional minimum down for qualifying first-time buyers
$0
Program down payment on VA and USDA loans for eligible buyers
100%
Of your down payment that can come from a family gift on FHA loans
Figures reflect 2026 program guidelines. Last reviewed: August 12, 2026. Every term on this page is explained in our plain-English glossary.
YOUR EUREKA MOMENT
Somewhere between “we could never” and keys in hand, there’s one conversation where it all makes sense. That’s the Eureka moment — and it’s usually closer than you think.
Try rent vs. buy with your numbers →The honest answer: it depends on your credit, savings, location, and service history — and the comparison takes one conversation. FHA is the workhorse for flexible credit. Conventional at 3% down often wins for stronger credit — with mortgage insurance that cancels later. VA is the earned benefit that’s hard to beat if you’ve served. USDA surprises suburban buyers with zero-down eligibility more often than you’d guess. Down payment assistance programs exist in our licensed states too — for qualified buyers, with income limits, credit requirements, and program terms that apply — and we’ll check what you’re eligible for as part of the conversation.
Down payment assistance (DPA) programs help eligible first-time buyers cover part of their upfront costs. Most assistance takes one of two forms: a forgivable loan that can be erased over time, or a repayable second lien that works alongside your mortgage. Availability and eligibility vary by state and program.
A second loan designed to go away. Stay in the home as your primary residence and meet the program requirements, and the balance is gradually forgiven — potentially never repaid out of pocket.
If you sell, refinance, or move out before the forgiveness period ends, some or all of the balance may come due. Each program sets its own forgiveness schedule and eligibility rules.
A second loan that helps cover your down payment or closing costs and is repaid over time. Some programs collect payments monthly; others defer repayment until you sell, refinance, or pay off your first mortgage.
Because structures differ widely from program to program, it is worth comparing the total cost of assistance against other paths to your first home.
Down payment assistance is offered by state housing agencies, local governments, and nonprofit organizations — not by Eureka Mortgage Planning. Each program sets its own eligibility requirements, income limits, and funding availability; programs can change or pause at any time, and not all buyers will qualify.
Three buckets: the down payment (FHA guidelines start at 3.5%; qualifying first-time buyers can access 3% conventional; VA and USDA eligible buyers may need none), closing costs (which can sometimes be negotiated for the seller to cover part of), and a cushion for moving and surprises. Family gift funds can cover the entire FHA down payment. We’ll build your specific number in one conversation.
FHA guidelines reach 580 for the minimum down payment; conventional generally wants 620+. Individual lenders vary — a real advantage of a brokerage. And if today’s answer is “not yet,” we’ll tell you precisely what to work on and when to come back. No question is too small — really.
Pre-approval means a lender has verified your income, assets, and credit and put a number in writing. In practice you need it: sellers take offers seriously when a letter backs them. It typically takes days, not weeks — and once it’s done, that’s the hardest paperwork behind you.
Down payment assistance programs exist across our licensed states — for qualified buyers, with income limits, credit requirements, and program terms that apply, and funds subject to availability. Some pair a grant or second loan with an FHA or conventional first mortgage. Checking your eligibility is part of our standard first conversation, not an extra service.
Pre-approval: days. House hunting: entirely your pace — weeks to months. Contract to keys: typically 30–45 days. The dependable move is getting pre-approved before you fall for a house, so the clock never starts against you.
Curious where you stand? Run the numbers yourself, or sit down with us and we’ll walk it together — no consultation fees, ever. You’ve got this — and you’ve got us.
Program guidelines summarized here are set by HUD, the VA, USDA, Fannie Mae, and Freddie Mac and are subject to change; lender requirements and overlays apply. Down payment assistance availability varies by location and program. Eureka Mortgage Planning LLC is not a government agency and is not affiliated with or endorsed by any government agency. This page is educational and is not a commitment to lend; all loans are subject to underwriting and approval.
