There is some misinformation in the media lately about the required size of a down payment for a mortgage in today's market. According to the National Association of Realtors, here are the facts: There is some misinformation in the media lately about the required size of a down payment for a mortgage in today's market. According to the National Association of Realtors, here are the facts:
An individual may be required to put down 20 percent based on that person's financial situation but that's not a requirement for all buyers.
A borrower who puts down less than 20 percent is required to obtain mortgage insurance.
Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.
FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with famly help) can become a homeowner.
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