Do I need a 20% down payment?

Not every mortgage requires 20% down. Some conventional programs permit a smaller down payment for eligible borrowers, and certain government-backed programs have different requirements. The amount you need depends on the program, occupancy, property type, loan size and lender requirements.

A smaller down payment may increase the loan balance and may involve mortgage insurance or other costs. You also need to consider closing costs, prepaid expenses and any required reserves. Fundsitive LLC can help compare available options; the selected lender determines qualification. Assistance programs may have income limits, funding limits, education requirements or repayment conditions, so review their terms carefully.