First-Time Buyers: How Much Down Payment Do You Really Need These Days?

Source: U.S. News Saving enough money for a 20 percent down payment can be daunting task, but the good news is that buyers can often qualify for a mortgage with a lower down payment. Marietta Rodriguez, vice president of national homeownership programs and lending for NeighborWorks America, commented, “The narrative that in order to buy a house in America today you need 20 percent down is just not true. There are a lot of different products that offer low down payment options.” That being said, if you pay less upfront, your mortgage balance is higher, and if you don't make a minimum down payment of 20 percent, you will usually be required to pay private mortgage insurance. Potential home buyers should talk to their REALTOR® for advice on pursuing homeownership. Read the full story