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Low Down Payment Mortgage Options
Explore the differences between FHA, VA, and USDA home loans.
Low- to middle-income families in some rural and suburban areas may be eligible for USDA loans. We partner with the USDA's Rural Development division to offer rural and suburban homebuyers up to 100% financing. These loans have flexible credit guidelines and do not require a down payment.
VA loans are available to eligible active-duty military personnel and veterans. You can get up to 100% financing without a down payment or monthly mortgage insurance.
An FHA loan is a great option if you're a first-time homebuyer or people with a low credit score. FHA loans are typically easier to qualify for than conventional mortgages. They also allow you to pay as little as 3.5% for a down payment.
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| FHA Loan | VA Loan | USDA Loan | |
|---|---|---|---|
| Minimum Down Payment | As low as 3.5% | $0 Down, 100% Financing | $0 Down, 100% Financing |
| Minimum Credit Score | 580, depending on down payment size | None | 640, depending on down payment size |
| Best For | First-time homebuyers, low-credit score buyers | Veterans, active-duty members, military spouses | Rural homebuyers, low-income buyers, buyers with no down payment savings |
| Minimum Down Payment | As low as 3.5% |
|---|---|
| Minimum Credit Score | 580, depending on down payment size |
| Best For | First-time homebuyers, low-credit score buyers |
| Minimum Down Payment | $0 Down, 100% Financing |
|---|---|
| Minimum Credit Score | None |
| Best For | Veterans, active-duty members, military spouses |
| Minimum Down Payment | $0 Down, 100% Financing |
|---|---|
| Minimum Credit Score | 640, depending on down payment size |
| Best For | Rural homebuyers, low-income buyers, buyers with no down payment savings |
Thinking about buying a home or refinancing? If you apply with Midland between October 20, 2025 and January 31, 2026, we’ll send you a free IRobot Roomba® 105 Robot Vacuum after your loan closes.
Just use promo code ROBOVAC when you apply!*
VA and USDA loans offer no down payment—Up to 100% financing. FHA requires a 3.5% down payment.
Government loans offer more flexible credit guidelines than conventional loans.
FHA and VA Streamline loans are available to easily refinance at a lower interest rate—even if your home value is less than the loan balance.
Midland makes it easy for you to get a loan with our quick, secure online application process.
We offer some of the most competitive rates on the market.
We provide prompt, friendly assistance before, during and after your loan closes.
Explore quick, interactive quizzes to pinpoint a loan tailored to your needs. Where are you in your home financing journey?
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New to real estate investing? Learn how investment property loans work and what you may need to know about financing a rental property.
Need Cash for a Big Purchase? Compare Refinancing vs. Home Equity Loans
Looking to fund a big purchase by borrowing from your home’s value? You’ve got options. Explore home refinancing vs equity loan options including HELOCs.
Our team of dedicated professionals are here to support you.
*Applicants must use promo code ROBOVAC when submitting an online mortgage application or when meeting with their Mortgage Loan Originator. The free IRobot Roomba® 105 Robot Vacuum gift applies to loan applications on single-family, 1-4 unit properties for first-lien residential purchase or refinance mortgage loans only. Offer available on loan applications with Loan Estimate disclosures dated July 1, 2025 – August 31, 2025. This does not include pre-approval applications. No minimum loan amount is required to receive the offer. Standard loan program details still apply. All applications are subject to approval under Midland's underwriting guidelines. Gift is provided only upon loan approval and closing. Gift will be mailed to customers after the closing date to the new home’s address unless otherwise stated. Gift may be reported as taxable income and produce a 1099-MISC. Gift is limited to one per loan. No cash equivalent or transfer of prize is permitted. Offer subject to change without notice. Offer subject to change without notice. Offer cannot be combined with any other discounts, promotions, or incentives.
