You Do Not Need What You Think You Need.
Conventional financing with the smallest down payment the agencies allow, with no income cap, up to conforming loan limits.*
The large down payment is not the rule you were told it was.
Most buyers who think they cannot buy yet already can.
- The smallest down payment conventional financing allows
- No county income limit, unlike the affordable agency programs*
- At least one buyer must be a first-time buyer at this tier
- Mortgage insurance can be removed once you have enough equity*
- Homeownership education is required when every buyer is a first-time buyer*
- No fixed minimum credit score on the program, subject to automated approval*
Loans up to conforming loan limits*
Buy your first home, or your next one
Primary residence, second home, or investment property
Standard documentation, with no income cap to disqualify you
Mortgage insurance that ends, rather than lasting the life of the loan*
Fixed-rate and adjustable-rate options
What is the Saxton Minimum Down Payment Conventional Loan?
Conventional financing at the smallest down payment Fannie Mae and Freddie Mac allow
The idea that you need a large down payment to buy a house stops more people from shopping than any other belief in this business. It has not been true for a long time. Conventional financing goes well below it.
This is the version with no income cap. HomeReady and Home Possible offer a comparably small down payment but limit household income by county, which disqualifies a lot of dual-earner households. Standard conventional does not.
The other thing worth knowing is what happens afterward. Conventional mortgage insurance can be removed once you have built enough equity. On most FHA loans it stays for the life of the loan. Over the years you hold the mortgage, that difference is usually larger than the down payment you saved.*
Why choose the Saxton Minimum Down Payment Conventional Loan?
Built for buyers who stopped shopping because of a number nobody actually requires.
Earning Too Much To Qualify
The affordable agency programs cap income by county. This one does not, which is often the whole reason a household lands here.*
Insurance With An End Date
Conventional mortgage insurance comes off once you have built enough equity, rather than lasting the life of the loan.
First-Time Buyer Requirement
At the smallest down payment tier, at least one borrower on the loan has to be a first-time buyer.
Homeownership Education
When every borrower is a first-time buyer, one of you completes a homeownership education course before closing.*
Credit Score Flexibility
There is no fixed minimum credit score on the program itself, provided the file earns an automated approval.*
The Smallest Down Payment
This is the least a conventional purchase allows before other options take over.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about buying with the smallest conventional down payment.
Conventional loans follow the conforming limits set each year, which vary by county and by how many units the property has.
At the smallest down payment tier, at least one borrower on the loan does need to be a first-time buyer. If none of you are, conventional financing is still available, it just asks for more money down.*
Those two programs offer a comparably small down payment but cap your household income at a county-level figure, and a lot of working households come in above it. This is the standard conventional version, with no income cap at all. If you qualify for the affordable programs they usually price better, so it is worth checking both.
There is no fixed minimum on the program itself. Eligibility is determined by the automated underwriting decision, and at least one borrower needs to have a credit score. Stronger scores still price better.
On a single unit primary residence, gift funds can cover it. On a two to four unit primary residence or a second home, you are required to put in some of your own funds alongside any gift.*
Yes, while your equity is still building. The important part is that it can be removed later. Several structures are available, including monthly, a single premium paid upfront, financed into the loan, and split premium.
When every borrower on a purchase is a first-time buyer at the smallest down payment tier, at least one of you completes a homeownership education course before closing. It is short, it is usually free, and it can be done online.
Find out what you qualify for
Whether you’re buying your first home or your next one, there’s likely a Saxton Minimum Down Payment Conventional Loan program that fits. Get a fast, no-obligation pre-qualification today.
Get Pre-Qualified- Consumer Financial Protection Bureau, buying a house: tools and resources for homebuyers
- Consumer Financial Protection Bureau, mortgages
*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Loan limits follow the annual conforming limits set by county. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.