Get down with the down payment

Most folks hear the words “down payment” and assume they need 20% cash to buy a home. While that comes in handy (we’ll get to it here in a bit), you’ve got a lot of choices to make in your down payment.

Typical down payments are 20%, 10%, 5%, 3%, or even 0%.

If you can make 20% happen, great! That means you won’t be required to pay private mortgage insurance (PMI). If you’re looking to tap into a bit of help from family members, getting to a 20% down payment and saving on PMI is an excellent option. (Make sure to chat with your mortgage loan officer about a down payment gift—there are a few housekeeping items needed here, such as a gift letter.)

No can do? No problem. Loan options are available with low down payment options, like a Federal Housing Administration loan with just 3.5%, conventional as low as 3%, or the Veterans Affairs loan that generally requires nothing down.

If you’re a moderate- to low-income homebuyer, you may qualify for a CHFA loan product. Eligible members may need only $1,000 out of pocket with CHFA’s down payment assistance offerings.

Ready to take the leap? Chat with your mortgage loan officer about the best down payment option for you.