Can I Get a Conventional Loan Without Putting 20% Down?
Yes. Some conventional loans allow less than 20% down for eligible buyers. A smaller down payment can bring mortgage insurance and a different monthly cost, so compare the complete loan offer.
What changes with your down payment
A conventional mortgage is not part of a government insurance program. The down payment, property type, credit history, income, and lender’s underwriting all affect the available options. Ask a lender which programs apply to your situation.
Compare the whole picture
Set your comfortable cash contribution first. Then compare the interest rate, mortgage insurance, cash needed at closing, and the savings you would have left after moving.
| Consideration | Less than 20% down | 20% down or more |
|---|---|---|
| Cash upfront | Smaller contribution | Larger contribution |
| Mortgage insurance | Typically required | Generally not required |
| Cash after closing | More may remain available | More is committed to the home |
Talk to Dominique About Financing Your Home
Share your plans, priorities, and timing with Dominique.