{"id":45378,"date":"2020-11-18T10:50:32","date_gmt":"2020-11-18T18:50:32","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=45378"},"modified":"2023-02-16T13:39:44","modified_gmt":"2023-02-16T21:39:44","slug":"first-time-homebuyer-heres-how-to-get-the-money-for-your-down-payment","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-down-payment\/","title":{"rendered":"First-Time Homebuyer? Here\u2019s How to Get the Money for Your Down Payment"},"content":{"rendered":"<p>Getting the funds for a down payment can be a major hurdle to homeownership. In fact, 13% percent of homebuyers said saving for the down payment was the most difficult step of the homebuying process, according to a 2020 report from the <a href=\"https:\/\/www.nar.realtor\/sites\/default\/files\/documents\/2020-generational-trends-report-03-05-2020.pdf\">National Association of Realtors<\/a>. The challenge was greatest for 20- to 29-year-olds, 30% of whom said saving for a down payment was their biggest hurdle.<\/p>\n<p>Rest assured, there are several ways for first-time homebuyers to get a home loan without settling for the traditional 20% down payment \u2014 though you may not want to put down the bare minimum.<\/p>\n<p><b>Here\u2019s what first-time homebuyers need to consider when it comes to their down payment:<\/b><\/p>\n<ul>\n<li><a href=\"#how-much-need-to-put-down\">How much does a first-time homebuyer need to put down?<\/a><\/li>\n<li><a href=\"#how-buyers-can-pay-for-down-payment\">How first-time homebuyers can pay for a down payment<\/a><\/li>\n<li><a href=\"#how-much-should-put-down\">How much should you put down?<\/a><\/li>\n<\/ul>\n<p><a name=\"how-much-need-to-put-down\"><\/a><\/p>\n<h2>How much does a first-time homebuyer need to put down?<\/h2>\n<p>While a traditional down payment is 20%, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer\/\">first-time homebuyers<\/a> can get away with putting down as little as 3% \u2014 or even 0% \u2014 depending on the loan program.<\/p>\n<p>Before you look into first-time homebuyer programs, you should know that the smaller your down payment, the higher your monthly principal and interest payment will be on your <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a>.<\/p>\n<p><b>How a down payment affects monthly payments on a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/250000-mortgage\/\">$250,000 house<\/a>:<\/b><\/p>\n\n<table id=\"tablepress-438\" class=\"tablepress tablepress-id-438 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Down payment<\/th><th class=\"column-2\">Monthly principal and interest payment<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">0%<\/td><td class=\"column-2\">$1,054<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">3%<\/td><td class=\"column-2\">$1,022<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3.5%<\/td><td class=\"column-2\">$1,017<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">5%<\/td><td class=\"column-2\">$1,001<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">10%<\/td><td class=\"column-2\">$948<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">20%<\/td><td class=\"column-2\">$843<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td colspan=\"2\" class=\"column-1\"><small>Calculations assume a 30-year mortgage with a 3% fixed interest rate and excludes taxes and insurance.<\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>It\u2019s important to note that <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">low down payment<\/a> mortgages have restrictions. You must surpass minimum credit score requirements, and you can\u2019t exceed maximum debt-to-income (DTI) ratio requirements.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/dti-for-mortgage\/\">DTI<\/a> is a percentage that tells lenders how much of your total monthly income goes toward debt payments each month, such as your credit cards and student loans. Here\u2019s how it\u2019s calculated:<\/p>\n<p><b>(Total monthly debt) \/ (Gross monthly income) x 100 = DTI<\/b><\/div><\/div>\n<p>Other requirements for a low down payment home loan may include not exceeding a certain income threshold or home price, completing homeownership education, or, in the case of USDA loans, living in a certain area. Military service is a requirement for VA loans.<\/p>\n<p><b><i>Learn More: <\/i><\/b><\/p>\n<ul>\n<li><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-credit-score-impacts-mortgage-rate\/\"><b><i>How Your Credit Score Impacts Mortgage Rates<\/i><\/b><\/a><\/li>\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/buying-a-house-not-married\/\">How to Buy a House as an Unmarried Couple<\/a><\/strong><\/em><\/li>\n<\/ul>\n<h3>Low down payment mortgages for first-time homebuyers<\/h3>\n<p>If you\u2019re a first-time homebuyer looking for <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/zero-down-mortgage\/\">low down payment mortgage options<\/a>, several may be available to you. In fact, many of these options are available even if you aren\u2019t a first-time homebuyer.<\/p>\n<p><b>Low down payment mortgage options and requirements:<\/b><\/p>\n\n<table id=\"tablepress-439\" class=\"tablepress tablepress-id-439 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Loan type<\/th><th class=\"column-2\">Description<\/th><th class=\"column-3\">Min. down payment<\/th><th class=\"column-4\">Min. credit score<\/th><th class=\"column-5\">Max. DTI<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">FHA<\/td><td class=\"column-2\">Government-insured mortgage for borrowers with low credit scores<\/td><td class=\"column-3\">3.5%<\/td><td class=\"column-4\">500<\/td><td class=\"column-5\">50%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Fannie Mae 97% LTV Standard<\/td><td class=\"column-2\">At least one borrower must be a first-time homebuyer<\/td><td class=\"column-3\">3%<\/td><td class=\"column-4\">620<\/td><td class=\"column-5\">50%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Fannie Mae HomeReady<\/td><td class=\"column-2\">For credit-worthy low-income borrowers<\/td><td class=\"column-3\">3%<\/td><td class=\"column-4\">620<\/td><td class=\"column-5\">50%<sup><small>1<\/small><\/sup><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Freddie Mac Home Possible<\/td><td class=\"column-2\">Very-low-, low-, and moderate-income borrowers<\/td><td class=\"column-3\">3%<\/td><td class=\"column-4\">660<\/td><td class=\"column-5\">45%<sup><small>1<\/small><\/sup><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">VA<\/td><td class=\"column-2\">Military service members (including qualified reservists) who meet length and character of service requirements, and their unmarried surviving spouses<\/td><td class=\"column-3\">0%<\/td><td class=\"column-4\">None<\/td><td class=\"column-5\">None<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">USDA<\/td><td class=\"column-2\">Low- and very-low-income applicants in eligible rural areas<\/td><td class=\"column-3\">0%<\/td><td class=\"column-4\">None<\/td><td class=\"column-5\">41%<sup><small>2<\/small><\/sup><\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td colspan=\"5\" class=\"column-1\"><small><sup>1<\/sup>Maximum income cannot exceed 80% of area median income<br \/>\n<sup>2<\/sup>Adjusted income must be at or below the applicable low-income limit for the home\u2019s location<\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>While Credible doesn\u2019t offer <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-loans\/\">FHA loans<\/a>, borrowers can use our platform to compare options for <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-mortgage\/\">conventional loans<\/a>. Get started now.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p><a name=\"how-buyers-can-pay-for-down-payment\"><\/a><\/p>\n<h2>How first-time homebuyers can pay for a down payment<\/h2>\n<p>As a first-time homebuyer, whether you decide to take advantage of low down payment loans or not, you may not have to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-save-for-down-payment\/\">save up for the down payment<\/a> all by yourself. Several options are available to help you.<\/p>\n<h3>1. Find down payment assistance programs in your state<\/h3>\n<p>Every state operates <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/down-payment-assistance\/\">down payment assistance<\/a> (DPA) programs offering grants and low-interest (or no-interest loans) to first-time homebuyers. Requirements depend on where you live and how much you earn.<\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/span><b>For example: <\/b>The <a href=\"https:\/\/www.tdhca.state.tx.us\/homeownership\/fthb\/my-first-texas-home.htm\">My First Texas Home Program<\/a> offers a 30-year, fixed-rate loan in addition to a down payment assistance grant of up to 5%. You\u2019ll need to have a credit score of at least 620 and get in touch with a participating lender. Income and purchase price limits apply by county.<\/div><\/div>\n<p>Check out Credible\u2019s roundup of <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-home-buyer-programs\/\">programs for first-time homebuyers<\/a> to find down payment assistance programs in your state.<\/p>\n<p><b>Upsides:<\/b><\/p>\n<ul>\n<li>These programs often cover closing costs in addition to down payments<\/li>\n<li><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-tax-credit\/\">Tax relief<\/a> may be available, too, through mortgage credit certificates<\/li>\n<\/ul>\n<p><b>Downsides:<\/b><\/p>\n<ul>\n<li>Income limits<\/li>\n<li>Credit score minimums<\/li>\n<li>Home location requirements<\/li>\n<li>Limits on <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-loans\/\">loan type<\/a> and loan term<\/li>\n<li>Requirements to work with certain approved lenders<\/li>\n<\/ul>\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-home-buyer-qualifications\/\">Do You Count as a First-Time Homebuyer? The Answer Might Surprise You<\/a><\/strong><\/em><\/p>\n<h3>2. Crowdfund your down payment on dedicated websites<\/h3>\n<p>Crowdfunding is unlikely to yield the entire down payment you need, but it can help if you\u2019re a little short.<\/p>\n<p>Some first-time homebuyers use large crowdfunding platforms, like GoFundMe, to source their down payments. You can also try a real-estate-specific crowdfunding site, such as FeatherTheNest or HomeFundIt.<\/p>\n<p><b>Upsides:<\/b><\/p>\n<ul>\n<li>You can tap into your social network to help fund a down payment<\/li>\n<li>If you are getting married, crowdfunding sites can provide an alternative to a traditional gift registry.<\/li>\n<\/ul>\n<p><b>Downside:<\/b><\/p>\n<ul>\n<li>Crowdfunding platforms often take a cut. GoFundMe takes 2.9% transaction fee plus 30 cents per donation. FeatherTheNest charges a 5% transaction fee on every donation, and its credit card processing partner, Stripe, tacks on an additional 2.9% fee plus 30 cents per donation.<\/li>\n<\/ul>\n<h3>3. Request down payment gifts from family and friends<\/h3>\n<p>There\u2019s no shame in asking for help. In 2019, 32% of first-time homebuyers used a gift or loan from a friend or family member to pay part of their down payment.<\/p>\n<p>Lenders may require significant documentation of the gift. They will want assurance that the money doesn\u2019t have to be repaid.<\/p>\n<p><b>Upsides:<\/b><\/p>\n<ul>\n<li>Gift funds can allow you to purchase a nicer home than you would otherwise be able to afford.<\/li>\n<li>Gift funds can mean the difference between being able to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\">buy a house<\/a> now and having to wait until you can save more.<\/li>\n<\/ul>\n<p><b>Downsides<\/b><\/p>\n<ul>\n<li>The documentation required for proof of the gift can be lengthy and exhausting \u2014 givers may be required to provide bank statements to verify that they have the financial ability to make the gift.<\/li>\n<li>Receiving a down payment gift that helps you buy a more expensive home could put you in a position of paying more in property taxes and maintenance than you would have on a less-expensive home.<\/li>\n<\/ul>\n<p><a name=\"how-much-should-put-down\"><\/a><\/p>\n<h2>How much should you put down?<\/h2>\n<p>While some people might say that you should only buy a home if you can put 20% down, that\u2019s just their opinion. Yes, your monthly payment will be lower, you won\u2019t have to pay <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-insurance\/\">mortgage insurance premiums<\/a>, and you\u2019ll have a larger equity stake. But the right amount to put down depends on many factors, including how soon you want to buy and what you can comfortably afford.<\/p>\n<p>For some people, those trade-offs can be worth it if it means moving less often, establishing a foothold in an appreciating market, getting out of a bad rental situation sooner, or having a yard.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>The most important thing to remember: <\/b>Weigh your decision carefully and fully understand the short- and long-term costs and benefits. If you can afford your choice and it makes you happy, then it\u2019s the right choice for you.<\/div><\/div>\n<p>If you\u2019re gearing up to buy a home, Credible can help you compare loan options from our partner lenders in the table below in just a few minutes.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n<p><em><strong>Keep Reading: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-tips\/\">13 Tips for First-Time Homebuyers: Your Must-Know Advice<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Getting the funds for a down payment can be a major hurdle to homeownership. In fact, 13% percent of homebuyers said saving for the down payment was the most difficult step of the homebuying process,&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-down-payment\/\">Continue reading<\/a><\/p>\n","protected":false},"author":106,"featured_media":45412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1555,1463],"tags":[1527,1524,1521],"class_list":{"0":"post-45378","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-preparing-to-buy-home","8":"category-mortgages","9":"tag-first-time-home","10":"tag-mortgage-purchase","11":"tag-mortgage-rates-sidebar","12":"first-time-homebuyer-heres-how-to-get-the-money-for-your-down-payment","13":"post_tag-first-time-home","16":"post_tag-mortgage-purchase","17":"post_tag-mortgage-rates-sidebar"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First-Time Homebuyer Down Payment: How To Pay For It<\/title>\n<meta name=\"description\" content=\"Saving for a down payment can be a major barrier to home ownership. 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With these low-down-payment programs, it doesn\u2019t have to be.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-down-payment\/\" \/>\n<meta property=\"og:site_name\" content=\"Credible\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/crediblelabs\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-18T18:50:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-16T21:39:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/11\/First-time-home-buyer-down-payment-strategies.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1476\" \/>\n\t<meta property=\"og:image:height\" content=\"591\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amy Fontinelle\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AmyFontinelle\" \/>\n<meta name=\"twitter:site\" content=\"@credible\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amy Fontinelle\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/first-time-homebuyer-down-payment\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/first-time-homebuyer-down-payment\\\/\"},\"author\":{\"name\":\"Amy Fontinelle\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#\\\/schema\\\/person\\\/27dcf3bc39d8e151fa4e4c3c35d05199\"},\"headline\":\"First-Time Homebuyer? 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