DOWN PAYMENT OPTIONS

Low Down Payment – Pay 5% or less of the home’s price in cash and borrow the rest. VA and USDA Loans have no down payment options, FHA Loans have 3.5% low down payment options, and some Conventional Financing options require down payments as low as 3%.  You will be required to pay for any additional mortgage insurance depending on the size of the down payment.

10% or 15% Down Payment – Pay 10% or 15% of the home’s price in cash and borrow 90% or 85% of the purchase price. You will be required to pay for any additional mortgage insurance depending on the size of the down payment.

20% Down Payment – Pay 20% of the home’s price in cash and borrow 80%. No mortgage insurance is required

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