How Much Down Payment Do You Need to Buy a Home?

What is a down payment?

A down payment on a house is the money a buyer has saved to help fund the purchase of a home. Lenders require a down payment as a way of protecting itself if for some reason you can no longer pay your monthly mortgage. Buyers also benefit from providing down payments. The more you put down, the more instant equity you have. Larger down payments can also lead to lower interest rates, lower monthly payments and potentially bypass the need for Private Mortgage Insurance (P.M.I.).

How much should your down payment be?

For most buyers, coming up with the traditional 20% down payment is difficult, if not impossible. Travis Credit Union is proud to offer a number of loan options including low to no down payment options for qualified buyers. How much should you put down? Everyone’s situation is different. The key is to start the process where you’re at with as little or as much down payment you have saved.

Time is of the essence!

Too often people wait to start the home buying process until they’ve saved for a substantial down payment. If you’re thinking about buying a home, don’t wait. Low to no down payment options are available to help you take advantage of current low rates and ample housing inventory.

Homeownership is a phone call away!

Our trusted mortgage advisors are available to understand your needs and connect you to a competitive home loan that works within your budget.

Call (707) 469-2000 or come by our Home Loan Center in Vacaville at One Travis Way today.

Mortgages Made Easy VA loan