To secure a loan for a down payment, first assess your credit score and aim for a score of 620 or higher to qualify for most loans. Save enough for a down payment, ideally 5-20% of the home price, using savings, family gifts, or employer-sponsored programs. Explore government-backed programs like FHA loans (3.5% down payment) or VA loans (0% down for veterans). Pre-apply with a mortgage lender to determine affordability and secure pre-approval, which strengthens your offer.

Securing a down payment loan requires strategic planning and leveraging resources. A 2023 Federal Reserve report found that 40% of first-time buyers used savings or gifts for their down payment, while 30% relied on down payment assistance programs. These programs, such as the National Homebuyers Fund, provided over $1 billion in grants in 2022, helping 50,000+ buyers. FHA loans, requiring just 3.5% down, accounted for 15% of all home purchases in 2023, per the U.S. Department of Housing and Urban Development. Pre-approval is critical: 72% of sellers prefer offers with pre-approval, per the National Association of Realtors, as it reduces financing delays. However, lenders may require proof of stable income (e.g., 2 years of employment) and debt-to-income ratios below 43%. Combining these steps increases approval chances and lowers interest rates, saving buyers an average of $50,000 over loan terms, according to Fannie Mae data.