Finding a mortgage within your price range may seem like a tall task, but with Amalgamated Bank, your dream home might be closer than you think. Amalgamated Bank offers a number of low down payment options to get you started on your next big step in life.

FHA Loans

Amalgamated Bank offers FHA Loans, which are backed by the Federal Housing Administration, to borrowers who may need a low down payment and/or flexible mortgage guidelines. All FHA Loans require mortgage insurance and are subject to county loan limits. 

Highlights of this program include:

  1. Low down payment options: Minimum down payment may be as low as 3.5% of the purchase price and can come from multiple sources including family members, grants or government down payment assistance programs.
  2. Lower credit thresholds: One of the benefits of the FHA loan program is that home buyers may qualify even without a long credit history or perfect credit.
  3. Seller paid closing costs: The seller is allowed to contribute up to 6% toward closing costs and pre-paids which helps the buyer minimize cash needed to close. The seller’s contribution can’t be used for any part of the down payment.
  4. May be assumable: FHA mortgages may be assumed by a buyer, provided the new buyer qualifies for the loan. This could be an attractive alternative when selling if interest rates increase from current levels.

HomeReady® Mortgage

Not having cash on hand doesn’t mean your dream of buying a home is over. With the HomeReady®1 Mortgage2, down payments are as low as 3%.

HomeReady® Mortgage offers:

  • A conventional fixed-rate mortgage with a down payment as low as 3%.
  • The ability to use gift funds and down payment assistance programs.

Freddie Mac’s Home Possible®  Mortgage

Freddie Mac’s Home Possible®3 mortgage eases the path to homeownership by offering:

  • A low 3% down payment option.
  • Multiple qualifying choices. 
  • Flexibility to address common challenges.

Realize the milestone of homeownership faster without the barrier of a 20% down payment, having the freedom of flexible sources of funds, such as gifts and grants, and with no minimum borrower contribution required.

VA Loans

Amalgamated Bank wants to serve those who served our country. That’s why we offer VA Loans4 that require zero down payment or mortgage insurance.

The VA Loan Program offers:

  • A VA mortgage loan (also known as a Veterans Administration home loan), one of the most useful military benefits. Based on your eligibility and qualifications, you can buy or refinance an existing home mortgage, with as little as $0 down, great rates, and financing up to $453,1005—or more, if you live in certain high-cost areas like New York City.
  • No PMI, another benefit over traditional mortgages.
  • Certain closing costs limited by the VA.

Contact us

Call us 

800-662-0860

Contact a Loan Officer

Apply now

1 HomeReady is a registered trademark of Fannie Mae.

2 The program applies to single-family properties that are for the purpose of purchasing and with no cash-out refinancing. Homebuyer education course required as a condition to close for all successful applicants.

3 Home Possible is a registered trademark of Freddie Mac.

4 Most home types are eligible for VA Loans and additional property eligibility requirements may be required.

5 Amount accurate as of October 22, 2018.

All loan applications are subject to credit, property approval and income verification. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. This is not a commitment to lend.

 © 2023 Amalgamated Bank. All rights reserved. Equal Housing Lender. Amalgamated Bank NMLS ID# 898791