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Mortgages & Loans

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  4. Is 20% of the price of a new house always required as a down payment ?

Is 20% of the price of a new house always required as a down payment ?

Currently, there is no set 20% amount that you must put down. Some first time home buyer programs require as little as 5% down. In the past, mortgage lenders most often did require a 20% down payment. Generally, in the last 10 years many loan programs have been designed to help more people buy homes. Mortgage loans can now be tailored to fit each home buyer’s needs and financial resources. *For down payments of less that 20%, mortgage insurance (MI) will be required and associated costs will apply.

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