Twenty percent is not a universal requirement
The down payment can vary based on loan type, occupancy, property and borrower qualifications. Putting less down may be possible for eligible buyers.
HOMEBUYER ANSWERS
Can I Buy a House With a Low Down Payment?
Potentially. Several mortgage paths may allow qualified buyers to purchase with less than a traditional 20% down payment.
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A lower down payment preserves cash, but it may affect loan size, mortgage insurance and the monthly payment. Compare the whole picture rather than focusing only on the upfront amount.
Assistance may help some buyers
Down-payment and closing-cost assistance programs may be available based on location, income, occupation or other eligibility rules. Funding and program terms can change.
VA eligibility can create another path
Eligible veterans, active-duty service members and certain surviving spouses may have access to VA financing with distinctive down-payment features, subject to VA and lender requirements.
Keep reserves in mind
Using every dollar for the down payment is not always the best strategy. A cash cushion can be valuable after closing.
Review options side by side
A mortgage professional can compare scenarios so you can see how different down payments affect cash to close and the estimated payment.
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