Saving a 20% down payment to get a mortgage is daunting — and it’s a myth that you need this much cash to buy a home. A range of low-down-payment mortgages and down payment assistance programs can unlock homeownership for people who lack substantial savings but can afford monthly house payments.
Here’s how you can buy a home with a low down payment that fits your needs. What you’ll learn here:
- What is a low-down-payment mortgage?
- What are the pros and cons of a low-down-payment mortgage?
- How do you qualify for a low-down-payment mortgage?
- What low-down-payment mortgage options are available?