Do you really need 20% down to buy a home?
No. While putting 20% down can help you avoid private mortgage insurance (PMI) on many conventional loans, many buyers purchase homes with significantly less.
Typical options include:
• 3%–5% → Conventional loans (for qualified buyers)
• 3.5% → FHA loans (for qualified buyers)
• 0% → VA loans (for eligible veterans, service members, and surviving spouses)
• 0% → USDA loans (for eligible rural properties and qualified borrowers)
The right down payment depends on your financial situation, goals, and loan program.
There’s still a lot of misinformation around this topic. If you’re wondering what options might be available to you, I’d be happy to connect you with a trusted lender and help you understand the possibilities.
#HomeBuying #FirstTimeHomeBuyer #DownPayment #BirminghamRealEstate #BirminghamAL
