Home Buying in 14120>Question Details

mnovosat, Home Buyer in North Tonawanda, NY

Is 20% downpayment now required to purchase a home?

Asked by mnovosat, North Tonawanda, NY Tue May 21, 2013

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5
There are lots of different finance options when buying a home. A local lender is always the best place to start when qualifying to buy a home. With that said you don't always need 20% down to purchase a home.
0 votes Thank Flag Link Sun Feb 22, 2015
No 20% is not required. There are many programs with as little as 3 or 3.5%, there may be PMI payments added to the monthly mortgage payment but it is often a great option for buyers who may not have a lot of cash.
0 votes Thank Flag Link Sun Feb 22, 2015
20% down is a great way to lower your payments and avoid PMI but no, it's not required. There are many different loan products for home buyers so a call to HUNT Mortgage or any other lender will provide you with up to date interest rates and advice.
0 votes Thank Flag Link Sun Feb 22, 2015
No. FHA is only 3.5%, VA and USDA are 0%. Homepath is3%. Lots of options. Talk with a local lender
0 votes Thank Flag Link Tue May 21, 2013
It really depends on what loans you qualify for. Talk to a mortgage lender - in Massachusetts there are many programs out there ranging from 0-20% down.
0 votes Thank Flag Link Tue May 21, 2013
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