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The ability to buy a home with no or very little money down can be appealing, but there are drawbacks, too. Pros of no-down payment mortgages You can buy a home now instead of later.
A 10 percent down payment on a house in San Jose, California, is going to be larger than the same house in Jackson, Mississippi. Timing is another important factor when saving for a house.
The median price for an existing home in the U.S. was $379,100 as of January 2024. A 20 percent down payment on a home at this price would come to $75,820. Regardless of price or loan type, though ...
Availability: All U.S. states Loans offered: Conventional, jumbo, FHA, VA Credit requirements: 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans Down payment minimum: 3% for ...
Several low- and no-down payment mortgages allow for much less money upfront, though. For example, some conventional mortgage programs backed by Fannie Mae and Freddie Mac require just 3 percent down.
Image source: Getty Images. Buying a house isn't cheap -- and one of the biggest parts of the equation is a down payment. If you're buying a home using a government-backed mortgage, like a VA ...
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