Down Payment Myths Debunked

There can be a lot of misconceptions when it comes to getting a mortgage and how much its going to cost you. Here are three commonly believed myths that we have debunked.

1st Myth:

You need a 20% down payment to buy a home.

This is one of the most common misconceptions and it is not true! There are multiple mortgage programs that only require a low or even no downpayment.

2nd Myth:

Low down payment options are only for first time homebuyers.

Low and no down payment loan options are available to many qualified customers, including repeat home buyers.

3rd Myth:

Qualifying for a down payment assistance program is difficult.

Nope! Our lenders take a look at a variety of criteria, such as income, credit scores and property location to find which program could best suit you.

Other FAQs:

What loan programs require low or no downpayment?

  • Conventional: 3.5%
  • FHA: 3.5%
  • USDA: 0%
  • VA: 0%

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