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Low Down Payment Mortgages & Affordable Home Loans
TD Bank has several affordable mortgage programs with low down payment options—so whether you're a first-time home buyer or looking for your next home, a TD Bank Mortgage Loan Officer can help you find the right affordable home loan.
Explore our featured options with down payments as low as 3%
Our Affordable Mortgage options are designed to address challenges like having enough money for a down payment and closing costs.
Learn more about our featured loan options
Discover other affordable home loan options
Compare your affordable home loan options
If you're purchasing a home and looking for a down payment as low as 3%, our affordable mortgages can help.
Mortgage Term |
Minimum Down Payment |
Mortgage Insurance (MI) |
Minimum Contribution From Homebuyer |
Homebuyer Education |
|
---|---|---|---|---|---|
TD Right Step Mortgage: |
30-year fixed-rate |
1-unit properties: 3% 2-4-unit properties: 10% |
No borrower paid insurance (lender paid MI) |
1-unit properties: $500 of your own funds 2-unit properties: 3% of your own funds 3-4-unit properties: 5% of your own funds |
Required by a HUD-approved state program† |
TD Home Access Mortgage: |
30-year fixed-rate |
1-unit properties: 3% 2-unit properties: 5% 3-4-unit properties: 10% |
No borrower paid insurance (lender paid MI) |
1-unit properties: $500 of your own funds 2-unit properties: 3% of your own funds 3-4-unit properties: 5% of your own funds |
Required by a HUD-approved state program† |
HomeReady®: |
30- or 15-year fixed-rate |
1-unit properties: 3% 2-unit properties: 15% 3-4-unit properties: 25% |
Affordable and cancelable monthly1 |
1-unit properties: 3%, funds can come from a gift 2-4-unit properties: 3% of your own funds2 |
Required by a HUD-approved state program† for purchases only |
FHA Mortgage: |
TD Bank offers 30-year fixed-rate |
1-4-unit properties: 3.5% |
Mortgage Insurance Premium (MIP) applies; it can be less than standard MI |
3.5%, funds can come from a gift |
Not required |
VA Mortgage: |
30-year fixed rate |
TD Bank does not require a down payment |
In lieu of MI, funding fee required at closing |
None |
Not required |
FNMA 97 Mortgage: |
30-year fixed-rate |
1-unit properties: 3% |
Borrower pays monthly, cancelable1 |
3%, can come from gift funds |
Not required |
Note: Down payment requirements may vary for additional property types such as condos, co-ops and manufactured housing.
How to qualify for affordable home loan programs