You can buy a house with less than a 20% down payment

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It’s a common misconception that to buy a home you are required to have a 20% down payment. So much of a misconception that before I started to work here at BoostUp, I had no idea. I was just like many other millennials wondering how in the world I would come up with 20% to put down to buy a house one day.

So news to me, and maybe for you, there are several low down payment mortgage options available that don’t require a 20% down payment.

Low down payment options

3%- Home Ready, Home Possible Advantage

3.5%- Federal Housing Commission (FHA)

5%- Conventional Loan (ask your mortgage lender)

Many programs also allow for gifted funds to be part of the down payment (Hey, like using BoostUp to crowd fund your down payment) and can provide you with a mortgage even if you have a low credit score. Research and discuss these options with a mortgage partner to determine which one is right for you.

Now that I know there are options to buy without 20% down, I’m excited about buying a house sooner than I thought possible. I hope the knowledge gets you excited too!