One of the most common questions from home buyers is, “How much do I need for a down payment to buy a home?” Many people believe they need 20% down to purchase a property, but that is not always the case. In fact, there are several loan programs that allow buyers to purchase a home with a much smaller down payment.

The amount you need for a down payment to buy a home depends on the type of mortgage you choose. Some conventional loans allow qualified buyers to put down as little as 3%. FHA loans may require a down payment of 3.5%, while VA and USDA loans may offer eligible buyers options with no down payment at all.

For buyers considering homes in the Four Corners area, understanding your down payment options is an important first step. The Four Corners real estate market continues to attract first time buyers, families, retirees, and investors because of its convenient location, growing communities, and variety of housing options.

Keep in mind that your down payment to buy a home is only one part of the upfront costs. Buyers should also budget for closing costs, inspections, and moving expenses. The good news is that there are often down payment assistance programs available to qualified buyers that can help reduce the amount of cash needed at closing.

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