Today’s home buyers aren’t required to make a 20% down payment in order to buy a home or condominium. There are a multitude of low- and no-down payment mortgage options available to buyers nationwide.

Among the most popular low- and no-payment mortgage programs in the VA home loan. Available to veterans of the U.S. military and surviving spouses, the VA loan is backed by the Department of Veterans Affairs and allows for zero-money-down.

VA loans never require mortgage insurance.

100% financing is also available to home buyers who purchase homes in less-populated areas of the country. Backed the U.S. Department of Agriculture (USDA), the Rural Housing Loan is somewhat misnamed because the program is available in suburban communities as well.

USDA loans allow no-money-down and offer relaxed credit score requirements.

In the low-down payment mortgage category, FHA loans are the most common among today’s buyers.

FHA loans are backed by the Federal Housing Administration and allow for a 3.5% down payment on homes with 1-4 units. FHA loans were once geared toward first-time buyers and buyers with marginal credit. Today, they can be used by nearly anybody.

Another low-down payment options is the HomeReady™ mortgage, which is available via most mortgage lenders.

HomeReady™ allows a 3% down payment for all buyers in low- and moderate income areas; and, to home buyers whose household income lags the typical household income for the area.

Another low-down payment option is the Conventional 97 which offers a 97% loan-to-value mortgage to buyers with prime credit scores whom are purchasing 1-unit homes using a 30-year fixed rate mortgage.

Read more about low- and no-down payment mortgage loans at Homebuyer.com.