subject: Buying a Home: Important Information for Buyers [print this page] This practice is done to get a lower interest rate on your mortgage. Other Mortgage Alternatives If you are unable to get a conventional mortgage or can't afford to pay it, FHA also has finance programs that require a small down payment of 3% with mortgage insurance. Another option is VA that offers mortgages to veterans who qualify without a down payment. Local authorities in some areas also provide low cost options.
