While a down payment of 20% or more has advantages, the average buyer puts significantly less down. For qualified homebuyers, there are programs with down payments as little as 3.5 percent. For qualifying applicants, options like as VA loans and USDA loans may mean no down payment.
If you put down less than 20%, you will be required to pay mortgage insurance, which protects the lender in the event of a loan default.
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