Down payment requirements depend on the loan type. Some programs allow as little as 3% down, while VA and USDA loans may offer zero down payment options for qualified buyers. A higher down payment can reduce monthly payments and help avoid private mortgage insurance (PMI).
Many loan programs allow gift funds from family members or approved sources. Documentation is required to show the money is a gift and not a loan. Gift funds can be used toward down payment and sometimes closing costs.
First-time homebuyer programs may offer lower down payments, flexible credit requirements, or down payment assistance. Availability varies by location and income. These programs can make homeownership more accessible for qualifying buyers. Contact us today to find out if a down payment assistance program is right for you.