Do you need 20% down to buy a house?

Written By Dina Schmidt

Good news! If you can’t afford the typical 20% down payment right off the bat, there are several available options!

Conventional Programs

  • Fannie Mae & Freddie Mac only require 3% for First Time Homebuyers or 5% if you have owned a home in the previous 3 years

Local DPA (Down Payment Assistance) Programs

  • You can work with Dina (NMLS #403859) with CMG Home Loans to research down payment assistance programs that are specific to your city or region

Government

  • VA Loans – For Veterans, VA Loans offer a 0% down payment option for home financing, alongside other perks

  • USDA Loans – The U.S. Department of Agriculture offers 100% financing available for designated rural and suburban areas, designed to help low-to-moderate-income families achieve homeownership

  • FHA Loans – Requires a down payment of 3.5%

HomeFundIt™ program with CMG Home Loans

  • Down payment assistance reinvented, through community gifting!

  • Achieve homeownership with the help of your friends and family

  • A unique gifting platform to help raise funds for your down payment and closing costs

If that vision of homeownership is finally starting to solidify, leave that mirage behind! We can help turn fiction into fact, so ditch the days of rental woes and dive into homeownership.

Dina Schmidt