You Don't Need 20% Down to Buy a Home

Think you need 20% down to buy a home? That's one of the biggest misconceptions in real estate.

Depending on the loan program you qualify for, you may be able to buy a home with as little as 3% or 3.5% down. Some eligible buyers may even qualify for down payment assistance.

Putting less than 20% down may mean paying mortgage insurance, but it can also help you buy a home without spending years saving for a larger down payment.

The important thing is understanding your options before assuming you can't afford to buy. Your credit score, income, and loan program all play a role in determining how much you'll need upfront. A mortgage professional can help you compare your options and understand what makes the most sense for your situation.

Before you put your homeownership plans on hold, find out what you actually qualify for. You might be closer to buying a home than you think.

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