The '20% down' rule is a myth for most buyers. Here are the real programs and strategies that help people buy now.
Find Homes in Your Budget →The biggest barrier most buyers face isn't income or credit — it's the down payment. The good news is that programs exist specifically to reduce or eliminate that hurdle for qualified buyers. Here are the main ones to know:
The most popular low-down-payment option. Available with credit scores as low as 580. Requires PMI but opens homeownership to many buyers who otherwise couldn't qualify.
Fannie Mae and Freddie Mac allow 3% down for first-time buyers with good credit — and PMI drops off once you reach 20% equity.
The Indiana Housing and Community Development Authority offers down payment assistance grants and forgivable loans for Indiana buyers meeting income requirements.
If you or your spouse served in the military, VA loans offer zero down payment, no PMI, and competitive rates. One of the best home-buying benefits available.
Available in eligible rural and suburban areas — including some Northwest Indiana communities. Zero down with qualifying income limits.
FHA and conventional loans allow down payment funds to be gifted by family members. Proper documentation is required — your lender will walk you through it.
A smaller down payment means a higher monthly payment and potentially PMI. The right strategy depends on your income, savings, and local market. We connect our buyers with trusted local lenders who specialize in finding the right program for every situation.
Browse active listings and connect with the Nicole Hanson Group — your Northwest Indiana real estate experts.
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