Low down payment mortgages are home loans that allow buyers to purchase a home with a smaller initial payment, often as low as 3% of the home's price. These loans are designed to make homeownership more accessible, especially for first-time buyers who may not have substantial savings. Programs like the FHA loan and VA loan are popular options that offer low down payment requirements. These mortgages can help buyers enter the housing market sooner, but they may come with higher monthly payments and additional costs, such as private mortgage insurance (PMI). It's essential for potential homeowners to carefully consider their financial situation and long-term goals before choosing a low down payment mortgage.