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FAQ: What is the amount of down payment needed to buy a home?

Posted by: raindrop 6 years, 3 months ago

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Typically, lenders prefer 20% downpayment, or more.  However, there are different programs available to Buyers who cannot put 20% down.

Oftentimes, lenders will accept a lower downpayment with Private Mortgage Insurance (PMI), which is incorporated into your monthly mortgage payment.  Programs such as FHA and HomePath allow Buyer's to purchase homes for only 3.5% down.  Further, if you are eligible for a VA loan, you can buy a home with 0% down!

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