The subject of down payment is one that every homebuyer must eventually address. Certain loan programs may have different requirements regarding the source of your down payment and all have requirements regarding the amount.
While you typically must put 20% down on most conventional loans to avoid mortgage insurance, there are other options that require little or even no money down out of pocket (additional requirements may apply):
- Conventional loans with as little as 3% down
- FHA loans with as little as 3.5% down
- VA loans with as little as no down payment required
- USDA loans with as little as no down payment required
- As little as $0 down out of pocket through down payment assistance (DPA) programs
Contact a loan officer near you for more information.