Options to ask about
- Conventional loans with smaller down payments
- FHA loans, which have flexible requirements
- VA loans for eligible veterans and service members
- USDA loans for eligible properties and buyers
- Down payment assistance programs, especially for first-time buyers
The tradeoff: mortgage insurance
With less than 20% down, most loans include mortgage insurance. It adds to your monthly payment, but on some loans it can be removed later as you build equity.
Don't empty your savings
Keep money set aside for closing costs, moving, and life's surprises. A slightly smaller down payment can be the smarter move.
The bottom line
Don't assume you need 20% before you start looking. Let's look at your numbers together first.
This is general information, not financial advice or a commitment to lend. All loans are subject to credit approval, and programs vary by lender and eligibility.