FHA mortgages are 3.5% down.
SoftSecond (Mass Housing Partnership) is 3% down.
And MassHousing has a 3% down product with no mortgage insurance or upfront mortgage insurance premium.
Let me know if you need a referral to a mortgage professional that can originate/underwrite these loans!
The best thing to do is call a mortgage officer and find out for sure.
The only person that can confirm what you need as a down payment is a mortgage person after they have reviewed your credit. I sell homes in the area and would be happy to give you some references for respected local lenders to speak to. If interested feel free to email me.
FHA is 3.5% down, and you can have the home seller contribute up to 6% of the sale price towards closing costs, making for very little out of pocket. Rates are often BETTER than conventional too!
USDA also has a 0% down option. USDA only works for certain towns that are considered rural by their standards.
VA (for Veterans) is 0% down too.
Let me kow if you would like to be pre-qualified at no cost or obligation. My contact info is on my link below.
1. Conventional mortgage, you can purchase with 5% down
2. FHA mortgage, you can purchase with 3.5% down
3. Mass-housing mortgage, you can purchase with only 3% down WITHOUT mortgage insurance (PMI)
Please email me for more information