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Law & Legal
  1. How to Qualify for a Medicaid Waiver
  2. Six Reasons Someone May Be Placed Under a Guardianship
  3. What Can Be Included in a Will?
  4. How Much Should You Put as a Down Payment on a House?
  5. 3 Assets That Can Fund a Trust
  6. Why You Should Have a Life Insurance Policy
  7. Is Real Estate a Good Financial Investment?
  8. S-Corp vs. C-Corp
  9. 5 Reasons Someone Might Disinherit a Child
  10. Benefits of a Testamentary Trust
  11. Steps on How to Sign Up for Life Insurance
  12. What is the Estate Administration Process?
  13. What Types of Government Benefits are Available for the Elderly?
  14. What is the Job of an Executor?
  15. What is a Simple Estate Plan?
  16. Why You Should Have a Will
  17. 3 Things You Need to Prepare Your Taxes
  18. Tips for Planning an Estate
  19. What is Electronic Notarization?
  20. Are There Requirements to Qualify for Medicaid Home Care?
  21. 3 Benefits of Tax Planning
  22. 3 Things to Know About Retirement Planning
  23. How Does Mental Illness Impact Your Estate Planning Process?
  24. What is a Lawsuit for Wrongful Death?
  25. What is The Tax Code?
  26. Guide to Become a Tax Advisor
  27. Does My Parents' Divorcing Impact My Inheritance?
  28. Guide to Understand When You Should and Shouldn't Buy a Home
  29. 3 Things a CPA Can Help With
  30. Tips to Maximize Your Tax Refund
  31. 3 Reasons You Should Have a Tax Accountant on Retainer
  32. Do Self-Employed Individuals Get Taxed Differently?
  33. What are Unclaimed Funds?
  34. 4 Things to Know About Surrogate's Court
  35. 3 Reasons Having Advance Directives is Important
  36. What are Estate Taxes?
  37. What is The Estate-Tax Exemption?
  38. Who Has to File Taxes?
  39. 3 Reasons You Should Have a Trust Protector
  40. Understanding Spousal Impoverishment
  41. Who Files Taxes For Businesses?
  42. Should I File My Taxes Using Turbo Tax?
  43. 3 Ways to Protect Against Financial Exploitation
  44. Who Qualifies for a Special Needs Trust?
  45. Guide on How to Write Off Business Expenses When Doing Your Taxes
  46. 3 Things Every Small Business Should Know
  47. Why Updating Your Will is Important
  48. What is the Probate Journey?
  49. What Happens if I Don't File My Taxes?
  50. Tax Accountant vs CPA
How Much Should You Put as a Down Payment on a House? {{ currentPage ? currentPage.title : "" }}

A house is often the most expensive purchase people make their entire lives. Saying it's daunting is an understatement!

One of the first hurdles in buying is saving up for a down payment. Traditionally, 20 percent down is the norm. But do you have to pay that much to get a house?

Busting the 20 Percent Myth

Ask any NYC real estate closing lawyer what the average down payment is, and they'll tell you it's 20 percent of the home's purchase price. That's the standard, and it's been that way for many decades.

But, we're here to tell you it's not the only option!

The 20-percent hurdle can feel unattainable, and it's why so many people put home ownership off longer than they need to. There are perks to going the traditional route. More on that later.

However, you can pay much less. In some cases, you can pay zero percent down!

Many government-backed loans and programs exist, offering a much lower down payment. Take, for example, a Federal Housing Authority (FHA) loan. You can pay as little as 3.5 percent if approved for an FHA-backed mortgage.

You may also qualify for a VA loan offered through the United States Department of Veterans Affairs or a USDA loan. Both options don't have a down payment requirement, allowing you to get your home with zero percent down!

Those government-backed programs have more requirements, but they're an excellent option worth considering.

Why Try for 20 Percent?

An NYC real estate closing lawyer can guide you in the right direction while overseeing the purchase of your new home. They can help you navigate the complexities of conventional and government-backed mortgage options. Visit this website if you need a NYC real estate closing lawyer.

If you're capable of doing 20 percent down, most real estate experts recommend that you do. There are a few reasons for this. The most impactful is your ability to forgo private mortgage insurance and the chance to secure better interest rates. Paying 20 percent down can lower your monthly bill and give you a competitive edge when bidding on an in-demand home.

Ultimately, the right choice for you depends on your financial situation. If you can put 20 percent down, doing so could make paying for your home much more manageable. But if you can't, home ownership isn't as out of reach as you might think. Thanks to government-backed loans and programs, you have plenty of options.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at real estate law blog.

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