How Much Do I Need For a Down Payment

As a general rule lenders typically require a 20% down payment on conventional loan products. In the event that a borrower does not have the required down payment most lenders will offer an option to purchase private mortgage insurance (PMI), which will insurance the lender against the potential losses in the case a borrower defaults on their loan. This allows buyers to purchase a home with as little as 5% down on single family residence and 10% down for condos and townhomes.

The government also provides programs like FHA, VA, and USDA which require as little as 0 – 3.5% down payment.

Each state also has specific down payment assistance programs available for first time home buyers or home buyers in their targeted areas. 

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