{"id":9233,"date":"2022-04-12T13:26:12","date_gmt":"2022-04-12T20:26:12","guid":{"rendered":"https:\/\/www.flyhomes.com\/blog\/?p=9233"},"modified":"2022-05-26T08:36:46","modified_gmt":"2022-05-26T15:36:46","slug":"low-down-payment-mortgages","status":"publish","type":"post","link":"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/","title":{"rendered":"The best mortgage programs to help you buy a home with less than 20% down"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Many loan programs allow for lower down payments than 20%. Understand your options to make the best choice.<\/h2>\n\n\n\n<p><strong>By Jenny Rose Spaudo<\/strong><\/p>\n\n\n\n<p>Saving for a down payment can seem like a daunting task, especially for first-time homebuyers. Contrary to popular opinion though, you don\u2019t actually have to pay 20% down. In this article, you\u2019ll learn about the many down payment options and loan types available.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">In this article<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e9034b9378e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e9034b9378e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#Key_takeaways\" >Key takeaways:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#What_is_a_down_payment\" >What is a down payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#Do_I_need_a_20_down_payment\" >Do I need a 20% down payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#How_much_is_a_down_payment_on_a_house\" >How much is a down payment on a house?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#Down_payment_assistance_programs\" >Down payment assistance programs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#How_much_do_you_really_need_to_save_for_a_down_payment\" >How much do you really need to save for a down payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#Wrapping_it_up\" >Wrapping it up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/#FAQ\" >FAQ<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_takeaways\"><\/span><strong>Key takeaways:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>You don\u2019t have to pay 20% down<\/li><li>Some mortgage loans allow for as little as 0% down<\/li><li>Consider applying for a down payment assistance program if you qualify<\/li><li>Weigh your financial situation before making a decision<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_down_payment\"><\/span><strong>What is a down payment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A down payment is a percentage of the home\u2019s purchase price that you as a buyer give to your lender. The lender then provides you with the remaining funds you need to purchase your new home in the form of a mortgage loan. For example, if you buy a home for $500,000 and pay a $100,000 (20%) down payment, your final loan will total $400,000.<\/p>\n\n\n\n<p>Lenders require a down payment because it ultimately helps lower their risk. A down payment is also a sign of good faith, and shows that you\u2019re serious about paying off the loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_I_need_a_20_down_payment\"><\/span><strong>Do I need a 20% down payment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>No, <a href=\"https:\/\/www.flyhomes.com\/blog\/20-percent\/\">you don\u2019t need to pay 20% down<\/a>, and many people these days choose not to. According to the <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/home-buyer-and-seller-generational-trends\">National Association of Realtors<\/a>, the <a href=\"https:\/\/www.flyhomes.com\/blog\/the-median-down-payment-for-a-house-may-surprise-you\/\">average down payment<\/a> in 2021 was 12% among all homebuyers and only 6% for those under 30.<\/p>\n\n\n\n<p><strong>Advantages of a 20% down payment<\/strong><\/p>\n\n\n\n<p>Even though you don\u2019t have to pay 20% down, there are several good reasons to do so if you can. First of all, it reduces your loan amount, which decreases your monthly payments. A smaller loan also means you pay less in interest over the life of the loan.<\/p>\n\n\n\n<p>Second of all, paying 20% down removes the need to pay <a href=\"https:\/\/www.flyhomes.com\/blog\/what-is-pmi\/\">private mortgage insurance<\/a> (PMI), which can be anywhere from <a href=\"https:\/\/www.investopedia.com\/mortgage\/insurance\/\">0.25% to 2% of the loan amount<\/a>.<\/p>\n\n\n\n<p><strong>Additional benefits include:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Lower mortgage interest rates<\/li><li>A lower loan-to-value ratio (LTV)<\/li><li>A higher chance of getting loan approval<\/li><li>A more competitive offer compared to other buyers<\/li><li>Higher equity in the home immediately after purchase<\/li><\/ul>\n\n\n\n<p><strong>Disadvantages of a 20% down payment<\/strong><\/p>\n\n\n\n<p>Paying 20% down isn\u2019t the right choice for everyone, though. Consider these drawbacks:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It can take a long time to save enough money<\/li><li>It can leave little money left for other expenses such as repairs, maintenance, or moving<\/li><li>If the value of the home goes down, you\u2019ll end up losing more of your initial high investment<\/li><li>It can lower the rate of return on your investment<\/li><\/ul>\n\n\n\n<p>Don\u2019t risk your financial health just to increase your down payment. For example, it\u2019s not a good idea to rely on your emergency savings to pay 20% down. There are many alternatives to consider first.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_is_a_down_payment_on_a_house\"><\/span><strong>How much is a down payment on a house?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>How much of a down payment you have to pay depends on the loan type you choose. Some mortgage loan programs require down payments as high as 20%, while others allow you to put as little as 3% or even 0% down. Here are some of the most common types of mortgages and their requirements.<\/p>\n\n\n\n<p><strong>Conventional loans (usually 3-5%)<\/strong><\/p>\n\n\n\n<p>Conventional loans are by far the most popular type of mortgage in the U.S. As many as <a href=\"https:\/\/static.elliemae.com\/pdf\/origination-insight-reports\/ICE_OIR_AUG2021.pdf\">80% of home loans<\/a> in the country were conventional loans in August 2021.<\/p>\n\n\n\n<p>Government-sponsored mortgage lenders like Fannie Mae and Freddie Mac require only 3-5% down for homebuyers with a healthy credit score of at least 620 to 660. Some individual lenders\u2014such as banks and credit unions\u2014only require 1-3% down.<\/p>\n\n\n\n<p><strong>Jumbo loans (10-20%)<\/strong><\/p>\n\n\n\n<p>Conventional loans can either be conforming or nonconforming. <a href=\"https:\/\/www.flyhomes.com\/blog\/what-is-a-conforming-loan\/\">A conforming loan<\/a> meets requirements and loan limits set by the <a href=\"https:\/\/www.fhfa.gov\/\">Federal Housing Finance Agency<\/a> (FHFA). The maximum loan amount depends on what type of property you\u2019re buying.<\/p>\n\n\n\n<p>Nonconforming loans, as the name implies, don\u2019t meet those criteria. For example, <a href=\"https:\/\/www.flyhomes.com\/blog\/3-things-to-know-about-jumbo-loans-during-the-covid-19-pandemic\/\">jumbo loans<\/a> exceed the regular loan amount limits. Because they present a higher risk to the lender, borrowers must pay around 10-20% down.<\/p>\n\n\n\n<p>If your credit score is 700 or higher, you\u2019ll be eligible for the best rates for jumbo loans (but a credit score of 660 is still acceptable).<\/p>\n\n\n\n<p><strong>FHA loans (3.5%)<\/strong><\/p>\n\n\n\n<p>With a credit score of at least 580, you can put as little as 3.5% down for loans sponsored by the Federal Housing Authority (FHA). If your credit score is between 500 and 579, plan to pay 10% down.<\/p>\n\n\n\n<p>Have little to no credit history? Mortgage lenders who are approved to offer FHA loans may still consider your application as long as you meet certain requirements:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You paid rent on time for the last 12 months<\/li><li>You have only one 30-day late payment to creditors<\/li><li>No one has filed any collection actions against you in the last year, excluding medical debts<\/li><\/ul>\n\n\n\n<p>To qualify for an FHA loan, the property you\u2019re buying has to comply with certain standards set by the <a href=\"https:\/\/www.hud.gov\/sites\/documents\/SFH_POLI_APPR_PROP.PDF\">U.S. Department of Housing and Urban Development<\/a>.<\/p>\n\n\n\n<p>One thing to consider is that FHA loans require you to pay a private mortgage insurance premium (PMI) at closing as well as monthly. Generally speaking, with a down payment of 10% or higher, you will pay PMI for 11 years. Anything less than 10% will require you to pay PMI throughout the life of the loan.<\/p>\n\n\n\n<p>That\u2019s why some people with an FHA loan choose to refinance with a conventional loan once they have built up 20% equity in their home. This gets rid of their PMI, and usually lowers the monthly mortgage payments.&nbsp;<\/p>\n\n\n\n<p><strong>USDA loans (0%)<\/strong><\/p>\n\n\n\n<p>The U.S. Department of Agriculture offers a 0% down payment option for homebuyers with low to moderate income who are looking to buy a house in a rural area. (<a href=\"https:\/\/www.rd.usda.gov\/sites\/default\/files\/RD-DirectLimitMap.pdf\">The USDA<\/a> defines very low, low, and moderate income based on where you live.) Keep in mind that the house you\u2019re buying must be in a town with a population of 10,000 or less.<\/p>\n\n\n\n<p>The program also doesn\u2019t impose any credit score requirements, although they expect you to demonstrate a willingness and the ability to manage your debts. <a href=\"https:\/\/www.rd.usda.gov\/sites\/default\/files\/fact-sheet\/508_RD_FS_RHS_SFHGLP.pdf\">To qualify for a USDA loan<\/a>, your monthly housing payments shouldn\u2019t exceed 29% of your gross monthly income, and your overall debt-to-income ratio shouldn\u2019t surpass 41%.<\/p>\n\n\n\n<p>There are pros and cons when it comes to USDA loan costs. The USDA\u2019s interest rates tend to be lower, but <a href=\"https:\/\/www.flyhomes.com\/blog\/what-are-closing-costs\/\">closing costs<\/a> tend to be higher. You\u2019ll also have to pay a 2% mortgage insurance premium\u2014not just when you close but throughout the life of the loan as well.<\/p>\n\n\n\n<p><strong>VA loans (0%)<\/strong><\/p>\n\n\n\n<p>Loans sponsored by the US Department of Veteran Affairs are reserved for active or retired military officers, their families, and their surviving spouses. With a VA loan, you\u2019ll have lower closing costs, no mortgage insurance, and no broker\u2019s fees.<\/p>\n\n\n\n<p>VA loans don\u2019t require a down payment, but they do demand a <a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/funding-fee-and-closing-costs\/\">one-time funding fee<\/a> of between 0.5-3.6%. You can either pay it as a down payment or roll it into your monthly mortgage payments. Those with a disability rating of 10% or higher, those who have a Purple Heart, or surviving military spouses are exempt from this fee.<\/p>\n\n\n<figure class=\"wp-block-unsplash-image wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"9234\" data-permalink=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/x2q0n81gqpu\/\" data-orig-file=\"https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=2560&amp;h=1920\" data-orig-size=\"2560,1920\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;1.8&quot;,&quot;credit&quot;:&quot;MOHD AZRIN&quot;,&quot;camera&quot;:&quot; 6 Pro&quot;,&quot;caption&quot;:&quot;Hand holding house keychain and banknotes&quot;,&quot;created_timestamp&quot;:&quot;2022-03-24T07:13:53-04:00&quot;,&quot;copyright&quot;:&quot;MOHD AZRIN&quot;,&quot;focal_length&quot;:&quot;5.6&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Hand holding house keychain and banknotes&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"\" data-image-description=\"&lt;p&gt;Hand holding house keychain and banknotes&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Photo by &lt;a href=&quot;https:\/\/unsplash.com\/@azrin90&quot; rel=&quot;nofollow&quot;&gt;MOHD AZRIN&lt;\/a&gt; on &lt;a href=&quot;https:\/\/unsplash.com\/?utm_source=the-living-room&#038;utm_medium=referral&quot; rel=&quot;nofollow&quot;&gt;Unsplash&lt;\/a&gt; &lt;\/p&gt;\n\" data-medium-file=\"https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=225\" data-large-file=\"https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=768\" src=\"https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&#038;ixlib=rb-1.2.1&#038;fm=jpg&#038;q=85&#038;fit=crop&#038;w=1024&#038;h=768\" alt=\"Hand holding house keychain and banknotes\" class=\"wp-image-9234\" width=\"1024\" height=\"768\" title=\"\" srcset=\"https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=225 300w, https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=768 1024w, https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=150&amp;h=112 150w, https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=768&amp;h=576 768w, https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1536&amp;h=1152 1536w, https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=2048&amp;h=1536 2048w, https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=610&amp;h=457 610w, https:\/\/images.unsplash.com\/photo-1648119245251-1cd322c9a949?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDk3OTQ5MTI&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=333&amp;h=249 333w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Not all mortgages are the same\u2014different lending programs come with different down payment requirements for qualified buyers<\/figcaption><\/figure>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Down_payment_assistance_programs\"><\/span><strong>Down payment assistance programs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you don\u2019t have enough money for a down payment and have a low to moderate income, you may be able to get the funds you need from a down payment assistance program.<\/p>\n\n\n\n<p>In the U.S. alone, there are over <a href=\"https:\/\/downpaymentresource.com\/\">2,000 of these programs<\/a>, which are typically sponsored by local or state governments or by a nonprofit. With a little research, you can find one within your state, county, or city.<\/p>\n\n\n\n<p>There are several types of assistance these programs provide, depending on your financial situation.<\/p>\n\n\n\n<p><strong>Low-interest loans<\/strong><\/p>\n\n\n\n<p>Typically, you have to repay the down payment over a set period of time. Until you\u2019ve fully repaid the loan, it acts as a second mortgage on top of your first one.<\/p>\n\n\n\n<p><strong>Deferred loans<\/strong><\/p>\n\n\n\n<p>With a deferred loan, you generally don\u2019t have to repay the down payment and closing costs until you sell your home or refinance your mortgage. Different programs have different stipulations, though, so be sure to read the fine print before making a decision.<\/p>\n\n\n\n<p><strong>Forgivable loan<\/strong><\/p>\n\n\n\n<p>This type of loan is forgiven after a certain amount of time\u2014usually five years. You must own and live in the home the entire time for the loan to be forgiven. If you sell the house, move, or refinance before that timeframe, you will need to repay the loan.<\/p>\n\n\n\n<p><strong>Grants<\/strong><\/p>\n\n\n\n<p>Grants are gifted money, so you never have to repay it. Some grant programs even cover both the down payment and the closing costs.<\/p>\n\n\n\n<p><strong>Requirements for down payment assistance programs<\/strong><\/p>\n\n\n\n<p>Many programs require you to be a first-time homebuyer, but there are plenty of exceptions. As many as 38% of programs are available to repeat buyers, according to <a href=\"https:\/\/downpaymentresource.com\/\">Down Payment Resource<\/a>.<\/p>\n\n\n\n<p>Here are some other common requirements:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Your income must be below the program\u2019s set limit<\/li><li>You must be buying a primary residence (not a rental property)<\/li><li>You must buy a home below the program\u2019s price limit<\/li><li>Your mortgage lender must be approved by the program<\/li><li>You may need to take a first-time homebuyer class<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1734\" height=\"1300\" data-attachment-id=\"9235\" data-permalink=\"https:\/\/flyhomes.com\/blog\/low-down-payment-mortgages\/pexels-photo-7735783\/\" data-orig-file=\"https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783.jpeg\" data-orig-size=\"1734,1300\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Photo by Mikhail Nilov on &lt;a href=\\&quot;https:\/\/www.pexels.com\/photo\/a-man-and-woman-doing-budgeting-7735783\/\\&quot; rel=\\&quot;nofollow\\&quot;&gt;Pexels.com&lt;\/a&gt;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;a man and woman doing budgeting&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"pexels-photo-7735783\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Photo by Mikhail Nilov on &lt;a href=&quot;https:\/\/www.pexels.com\/photo\/a-man-and-woman-doing-budgeting-7735783\/&quot; rel=&quot;nofollow&quot;&gt;Pexels.com&lt;\/a&gt;&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-300x225.jpeg\" data-large-file=\"https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-1024x768.jpeg\" src=\"https:\/\/www.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/pexels-photo-7735783.jpeg\" alt=\"a man and woman doing budgeting\" class=\"wp-image-9235\" srcset=\"https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783.jpeg 1734w, https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-300x225.jpeg 300w, https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-1024x768.jpeg 1024w, https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-768x576.jpeg 768w, https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-1536x1152.jpeg 1536w, https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-610x457.jpeg 610w, https:\/\/wp-media.flyhomes.com\/blog\/wp-content\/uploads\/2022\/04\/12132404\/pexels-photo-7735783-333x250.jpeg 333w\" sizes=\"auto, (max-width: 1734px) 100vw, 1734px\" \/><figcaption>There are benefits to paying 20% down on a house, but you don&#8217;t have to in order to get good rates depending on where you&#8217;re buying<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_do_you_really_need_to_save_for_a_down_payment\"><\/span><strong>How much do you really need to save for a down payment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Before you decide how much of your savings to put toward your down payment, it\u2019s important to look at your finances and understand <a href=\"https:\/\/www.flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/\">how much money you need to buy a house<\/a>.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.flyhomes.com\/blog\/how-do-i-know-how-much-home-i-can-afford\/\">Your housing expenses<\/a> will be more than just the mortgage payments. You\u2019ll also have to pay for:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Electricity<\/li><li>Water<\/li><li>Property Taxes<\/li><li>Home insurance<\/li><li>HOA (if applicable)<\/li><li>Home maintenance expenses<\/li><\/ul>\n\n\n\n<p>Consider these expenses when determining what you can afford. You may need to buy a less expensive home or save for a larger down payment to make your total housing expenses more manageable.<\/p>\n\n\n\n<p>Use our <a href=\"https:\/\/www.flyhomesmortgage.com\/rates\">mortgage calculator<\/a> to see how much home you can afford or talk to your lender. If you don\u2019t have a lender yet, ask your real estate agent for a referral.<\/p>\n\n\n\n<p>Next, plan to save for more than just a down payment. You will also have to pay closing costs, which can be around 2-3% of the home\u2019s value. It\u2019s a good idea to save extra to accommodate for any unexpected expenses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wrapping_it_up\"><\/span><strong>Wrapping it up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you can afford to pay 20% down without putting your finances at risk, this can be a cheaper option in the long run. But if you can\u2019t afford 20% down, there are many other loan options and down payment assistance programs that allow you to pay little to nothing down. Shop around and do your research before deciding how much money you\u2019ll save for a down payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQ\"><\/span><strong>FAQ<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>What is a typical amount for a down payment on a house?<\/strong><\/p>\n\n\n\n<p>The average homebuyer in the U.S. pays 12% down, according to the <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/home-buyer-and-seller-generational-trends\">National Association of Realtors<\/a>. Buyers under 30 pay an average of 6% down. It\u2019s possible, though, to buy a home with a down payment of as little as 3% with a conventional mortgage loan or even 0% down with a USDA loan, a VA loan, or a down payment assistance program.<\/p>\n\n\n\n<p><strong>Is it worth it to put 20% down on a house?<\/strong><\/p>\n\n\n\n<p>With a 20% down payment, your monthly mortgage payment is lower for two reasons: 1) The loan itself is smaller and 2) you don\u2019t have to pay private mortgage insurance. That said, 20% down isn\u2019t feasible for everyone, especially those who need to buy soon and have limited savings.<\/p>\n\n\n\n<p><strong>Does a higher down payment make your offer stronger?<\/strong><\/p>\n\n\n\n<p>Yes, a higher down payment tells the seller that your loan is more likely to go through. This gives your offer a competitive advantage over financed offers with a lower down payment. The most competitive offer, though, is an all-cash offer.<\/p>\n\n\n\n<p><strong>What are the disadvantages of a large down payment?<\/strong><\/p>\n\n\n\n<p>It\u2019s difficult to save enough cash for a large down payment. The more money you put toward a down payment, the less you can put toward other necessary expenses, such as moving, repairs, and closing costs. Also, if your home goes down in value, it decreases your home equity and puts your original down payment at risk.<\/p>\n\n\n\n<p><strong>About the author:<\/strong> Jenny Rose Spaudo is a content strategist and copywriter specializing in real estate, finance, and investing. She\u2019s written for clients like Edward Jones, Knock, and PropStream as well as for publications like <em>Business Insider<\/em>, <em>GOBankingRates, <\/em>and more. Visit her <a href=\"https:\/\/jennyrosespaudo.com\/\">website<\/a> and connect with her on <a href=\"https:\/\/www.linkedin.com\/in\/jenny-rose-spaudo-freelance-writer-real-estate-finance-accounting-ministry\/\">LinkedIn<\/a>.<\/p>\n\n\n\n<input type=\"hidden\" id=\"calendly_utm_post_id\" value=\"9233\" \/><input type=\"hidden\" id=\"calendly_utm_post_title\" value=\"The best mortgage programs to help you buy a home with less than 20% down\" \/>","protected":false},"excerpt":{"rendered":"<p>You don\u2019t actually have to pay 20% down. In this article, you\u2019ll learn about the many down payment options and loan types available.<\/p>\n","protected":false},"author":148668397,"featured_media":9236,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[655423254,655423395],"tags":[],"class_list":["post-9233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-guides-buying-a-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The best mortgage programs to help you buy a home with less than 20% down - Blog<\/title>\n<meta name=\"description\" content=\"You don\u2019t actually have to pay 20% down. 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