QWhat Are Low Down Payment Options, For Buyers Who Can't Afford A 20% Down Payment?
AAssuming you can afford (and qualify for) high monthly mortgage payments and have a high credit score, you should be able to find a low (5% to 15%) down payment loan. However, you may have to pay a higher interest rate and loan fees (points) than someone making a larger down payment. Also, if you put down less than 20%, you may have to either pay for private mortgage insurance (PMI) or, to avoid PMI, take out two separate loans (a first mortgage and a second mortgage).