A home loan with a low down payment requirement can turn the dream of homeownership into a reality for millions of Americans. With the Chase DreaMaker loan, qualified borrowers in communities across the U.S. can put down just 3%.
The DreaMaker loan also offers flexible credit guidelines and income limits: In 2024, Chase, lifted all income requirements for the DreaMaker program in 15 metro areas — including New York City, Los Angeles, Atlanta and Chicago.
Applicants in those areas can also qualify for a $7,500 homebuyer grant to put towards a down payment, rate buydown or closing costs.
Chase Bank
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Conventional loans, FHA loans, VA loans, DreaMaker℠ loans and Jumbo loans
Terms
10 – 30 years
Credit needed
620
Minimum down payment
3% if moving forward with a DreaMaker℠ loan
Terms apply.
Offers first-time homebuyer assistance?
Yes — click here for details
Pros
- Chase DreaMaker℠ loan allows for a slightly smaller down payment at 3%
- Discounts for existing customers
- Online support available
- A number of resources available for first-time homebuyers including mortgage calculators, affordability calculator, education courses and Home Advisors
Cons
- Doesn't offer USDA loans or HELOCs
- Existing customers discounts apply to those who have large balances in their Chase deposit and investment accounts
Compare offers to find the best mortgage
What to know about the Chase DreaMaker loan
The DreaMaker mortgage program is intended to help borrowers in low-to-moderate-income communities achieve the goal of homeownership. While the average down payment on a conventional mortgage in 2024 is more than 14%, you can be approved for a DreaMaker loan with as little as 3% down.
The DreamMaker loan also has reduced private mortgage insurance (PMI) requirements compared to other low-down-payment loans.
The loan must be put toward a primary residence with one to four units, so it can't be used for a cash-out refinance. Borrowers must also accept a 30-year fixed-rate term and, if you're a first-time homebuyer, take Chase's homebuyer educational course.
Homebuyers who qualify for Chase's homebuyer grant can apply the $7,500 award toward a down payment on a DreaMaker mortgage. The funds must first be used to lower your interest rate, then toward closing costs and other fees. Any remaining money can be applied toward your down payment.
Who is eligible for the Chase DreaMaker loan?
The minimum credit score for the DreaMaker loan is 620, in line with most conventional loans, and applicants should have a debt-to-income ratio of 45% or less.
Borrowers in most areas must make no more than 80% of the median income (AMI) for the area in which the property is located. (You can check the AMI in your area using Freddie Mac's Affordable Income and Property Eligibility Tool.)
In 2024, Chase lifted all income requirements in 15 markets across the U.S:
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Chicago-Naperville-Evanston, Illinois
- Dallas-Plano-Irving, Texas
- Fort Lauderdale-Pompano Beach-Sunrise, Florida
- Fort Worth-Arlington-Grapevine, Texas
- Houston-The Woodlands-Sugar Land, Texas
- Las Vegas-Henderson-Paradise, Nevada
- Los Angeles-Long Beach-Glendale, California
- Miami-Miami Beach-Kendall, Florida
- New York-Jersey City-White Plains, New York-New Jersey
- Orlando-Kissimmee-Sanford, Florida
- Phoenix-Mesa-Chandler, Arizona
- Riverside-San Bernardino-Ontario, California
- San Diego-Chila Vista-Carlsbad, California
- Washington-Arlington-Alexandria, DC-Virigina-Maryland-West Virginia.
Other low- and zero-down options
If you don't qualify for a DreaMaker mortgage, there are other loans with small down payments.
FHA loans. Backed by the Federal Housing Administration, these mortgages can allow borrowers to put down only 3.5%. The minimum credit score for an FHA loan is 500 with a 10% down payment or 580 with a 3.5% down payment. Many FHA lenders, however, require a FICO score of at least 620.
VA loans. Service members and veterans can qualify for a mortgage with zero down with these loans, which are backed by the Department of Veteran Affairs and issued by banks, mortgage companies and other private lenders.VA loans can be used to buy a primary residence, refinance an existing mortgage or make home improvements.
USDA loans. Backed by the US Department of Agriculture, these mortgages allow home buyers in qualifying rural areas to put nothing down.
Chase offers VA and FHA loans, but not USDA loans. PNC Bank offers all three, as well as other specialty mortgages — including the PNC Community Loan, which allows lower-income borrowers to put 3% down without mortgage insurance, and a loan for medical professionals that also waives PMI.
PNC Bank
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, HELOCs, Community Loan and Medical Professional Loan
Terms
10 – 30 years
Credit needed
620
Minimum down payment
0% if moving forward with a USDA loan
Terms apply.
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FAQ
What is the Chase DreaMaker loan?
The Chase DreaMaker loan is a mortgage for low-to-moderate-income home buyers. Borrowers can be approved with as little as 3% down.
Am I eligible for the Chase DreaMaker loan?
In most areas, DreaMaker applicants s must make no more than 100% of the median income (AMI) for the area in which the property is located. In 2024, Chase lifted the income requirements in 15 metro areas, including Atlanta, Los Angeles and New York City. All borrowers should have a debt-to-income ratio of 45% or less.
How does the Chase DreaMaker loan compare to an FHA loan?
An FHA loan is a government-backed mortgage that requires a down payment of 3.5%, while Chase DreaMaker only requires 3%. The minimum FICO credit score for an FHA loan is only 580, however, while DreaMaker typically requires a 620. Interest rates on FHA loans are also usually much lower than those for DreaMaker mortgages.
Bottom line
The Chase DreaMaker loan enables borrowers to secure a home loan with just 3% down. It offers more flexibility with credit scores and debt-to-income ratios than no-down payment options like VA and USDA loans.
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