The minimum down payment required for a conventional loan is 3%. And the minimum down payment for an FHA loan is 3.5%. Some special loan programs even allow for 0% down payments. But still, a 20% down payment is considered ideal when purchasing a home. You may have heard this referred to as the 20% rule.
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Putting 20 percent or more down on your home helps lenders see you as a less risky borrower, which could help you get a better interest rate. A bigger down payment can help lower your monthly mortgage payments. With 20 percent down, you likely won’t have to pay PMI, or private mortgage insurance. Clearly, there are good reasons for taking the time and effort to save the full 20 percent down payment. If that’s realistic for you, it’s a financially sound move to make.
Fortunately, millions of Americans, with less than 20 percent down, have been able to buy a home sooner thanks to mortgage.
The fact is, 20% down payments aren’t strictly required, but they may be a good idea. Good reasons to put down at least 20% include: You won’t have to pay for mortgage insurance
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If you don't make a 20% down payment, you'll be required to carry private mortgage insurance, or PMI. Although you're the one who must pay monthly premiums.
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Although 20 percent down still characterizes most conventional loans, you can find other types of mortgages for only 10 percent down – or less.
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