Many prospective homeowners mistakenly believe they must make a 20% down payment to purchase a home. In reality, multiple loan options offer significantly lower down payments, including FHA, VA, and USDA loans that can provide down payments as low as 0% for eligible buyers. While a 20% down payment can eliminate Private Mortgage Insurance (PMI), options that require less allow buyers to enter the housing market sooner. Current trends show first-time buyers often pay single-digit down payments, making housing more accessible.
A down payment of less than 20% will likely require Private Mortgage Insurance (PMI), an additional monthly cost that a larger down payment can avoid.
The biggest advantage of a lower down payment is that it makes homeownership more accessible, allowing you to enter the market sooner.
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