Traditional 20% Down Payment

• • Benefits: Lower monthly payments, no private mortgage insurance (PMI), and more equity from the start.
  • Considerations: Requires significant savings and may delay your home purchase.

 

Low Down Payment Options

• • FHA Loans: Require as little as 3.5% down, making them accessible for first-time buyers with limited savings.
  • VA Loans: No down payment required for eligible veterans and military members.
  • Conventional Loans: Some conventional loans offer down payments as low as 3-5% with PMI.

 

Down Payment Assistance Programs

• • Federal, State, and Local Programs: Various programs offer grants, loans, and other assistance to help with down payments.
  • Eligibility Requirements: Programs often have income limits, purchase price limits, and other criteria.

 

Saving for a Down Payment

• • Budgeting: Create a budget to track your income and expenses, and allocate a portion of your savings towards a down payment.
  • Automate Savings: Set up automatic transfers to a dedicated savings account for your down payment.
  • Reduce Expenses: Cut back on non-essential spending and find ways to save on everyday expenses.