The Down Payment Breakdown: Navigating Your First Home Purchase
As a first-time homebuyer, you may be wondering how much you will need for a down payment. This important step in the home buying process can often feel overwhelming, but we're here to simplify it. In this article, we'll delve into various mortgage options, including no down payment, zero down payment, and low down payment mortgages. We'll also discuss the differences between Conventional, FHA, VA, and USDA loans. Let's navigate this journey together
In the simplest terms, a down payment is the portion of the home's price that you pay upfront. It is usually expressed as a percentage of the home's total cost. While a traditional down payment used to equate to 20% of the home's purchase price, today there are numerous loan options that require much less—sometimes even nothing at all.
Choosing the right mortgage and down payment option is crucial to your homebuying journey. Remember, there's no one-size-fits-all answer. The right choice depends on your financial situation, long-term goals, and the housing market in your desired area. We're here to help guide you towards making the decision that works best for you. After all, the dream of homeownership is within your reach!
Get your home loan lesson plan
While it may start with an email address, our goal is to secure you a new home address. It’s simple with your personalized Lesson Plan. Every step of your journey is covered so you know what to expect, when to expect it and are always up to date. It’s the perfect place to get started.
Need Help?
Have a question?
Ready to take the next step?
We're ready when you are.
Connect With PrimeLending(Link opens in a new tab) Ready To Apply(Link opens in a new tab)† Website approval pending for inquiries on NY properties.