You don’t need 20% down to buy a home in Colorado Springs. Several loan programs let you buy with little, or nothing, down. Here’s how they compare and how to pick the right one. 719 Lending, local and rated 4.9★ on Google. (NMLS #1601989, Equal Housing Lender.)
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Low and no down payment options in Colorado Springs
- VA loan — $0 down for eligible veterans and active military. No monthly mortgage insurance.
- USDA loan — $0 down for eligible rural areas near Colorado Springs (income and property limits apply).
- FHA loan — 3.5% down with flexible credit.
- Conventional — 3% down (HomeReady and Home Possible) for eligible buyers, with removable PMI.
- Down payment assistance — Colorado (CHFA) programs can cover part or all of your down payment and closing costs.
Which low-down option is best for you?
If you’ve served, a VA loan is almost always the winner: $0 down and no PMI. Buying in a rural area? USDA also offers $0 down. Lower credit or limited savings? FHA’s 3.5% down is forgiving. Strong credit and want PMI that falls off later? A 3%-down conventional loan is often cheapest over time. And down payment assistance can stack on top to reduce your out-of-pocket even further. We’ll compare them all for your exact situation.
What about mortgage insurance?
Low-down loans usually include mortgage insurance, but it works differently by program: VA has none, conventional PMI falls off at 20% equity, and FHA includes it for the life of most loans (refinance to conventional later to drop it). We factor this into the true monthly cost when we compare your options.
The process
- Get pre-approved (free) — we identify every low-down program you qualify for.
- Compare — real monthly cost, including mortgage insurance.
- Buy — with the least cash out of pocket that makes sense.
Why Colorado Springs buyers choose 719 Lending
We find you the lowest-cost path into a home, not just the easiest sale for us. Rated 4.9★ on Google. 719 Lending, NMLS #1601989 — Equal Housing Lender. Compare all loan options. Read our reviews.
Low down payment FAQ
Can I buy a home in Colorado Springs with no money down?
Yes. If you qualify for a VA loan (veterans and military) or a USDA loan (eligible rural areas), you can buy with $0 down.
What is the lowest down payment on a conventional loan?
As little as 3% for eligible buyers through HomeReady or Home Possible, with PMI that can be removed at 20% equity.
Can down payment assistance be combined with a low-down loan?
Often yes. Colorado (CHFA) assistance can pair with FHA or conventional financing to lower your out-of-pocket cost.
Do low down payment loans cost more?
They usually include mortgage insurance, which varies by program. We compare the true monthly cost so you choose wisely.
719 Lending — NMLS #1601989. Equal Housing Lender. This is not a commitment to lend; all loans are subject to credit approval and property appraisal. Program terms are subject to change.