Learn how low-down-payment loans make a $500k home more affordable.
If you’ve been holding off on buying a home because you think you need a massive down payment, I have great news for you. You can buy a $500,000 home without breaking the bank. In fact, depending on the loan, you might not need a down payment at all. Yes, you read that right—no down payment. Let me explain how this works.
You don’t need 20% down. Most people think buying a home means paying 20% of the purchase price. For a $500,000 home, that’s $100,000. Sounds impossible? That’s because it usually is. The good news is you have options that require way less upfront. Here are loan options that will help you get started:
- Conventional loan: You only need 3% down, which is just $15,000 for a $500,000 home.
- FHA loan: You’ll need 3.5% down, or $17,500 for the same home.
- VA loan: If you qualify, you need 0% down. That’s no money upfront.
How does this change things? Think about it. With these options, you can stop waiting to save tens of thousands of dollars. A conventional or FHA loan opens the door to homeownership with just a fraction of the amount, while a VA loan lets you skip the down payment entirely if you’re a veteran or active-duty military.
“Depending on your situation, you could need as little as $15,000 down—or nothing at all.”
What’s the catch? There isn’t one except that each loan type has specific requirements. For example:
- Conventional loans are great if you have solid credit.
- FHA loans are perfect for first-time buyers or those with lower credit scores.
- VA loans are exclusive to eligible veterans, service members, and their families.
These programs exist to make buying a home achievable. You don’t need $100,000 to get started. Depending on your situation, you could need as little as $15,000—or nothing at all. If you have any questions about homeownership, feel free to call or text me at (847) 362-1335, and I’ll help you explore your options so you can move closer to owning your dream home.
