Prospective homebuyers may be interested in knowing that they may not have to put 20 percent down when buying a home. When it comes to a conventional mortgage loan, lenders prefer homebuyers put down up to 20 percent, but it is possible to buy a home with less. First-time homebuyers should realize that there are multiple options when it comes to a down payment on a home.
Understand more about down payments and a few mortgage alternatives to putting 20 percent down today.
Your Down Payment and Equity
Lenders prefer that an applicant put down a large down payment. Applicants for home mortgage loans who can put down 20 percent can create some initial equity as part of their home purchase and get a lower interest rate, as well as avoid paying…