There may be alternatives to providing a 20% down payment on the purchase of your home. By paying Private Mortgage Insurance (PMI) premiums with your monthly payment on a Conventional loan, the down payment requirement may be reduced to 15% down, 10% down, 5% down and in some instances for a 1st time homebuyer even as little as 3% down. Some other options include FHA insured loans which require as little as 3.5% and also have Mortgage Insurance Premiums (MIP). Veterans Administration (VA) guaranteed loans also have low down payment options. To learn about PMI check out our FAQ on Private Mortgage Insurance.
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ABOUT THIRD PARTY LINKS ON OUR SITE
The Bank offers links to other third party websites that may be of interest to our website visitors. The links provided in our website are provided solely for your convenience and may assist you in locating other useful information on the Internet. When you click on these links you will leave the Bank’s website and will be redirected to another site. These sites are not under control of the Bank. The Bank is not responsible for the content of linked third party websites. We are not an agent for these third parties nor do we endorse or guarantee their products. We make no representation or warranty regarding the accuracy of the information contained in the linked sites. We suggest that you always verify the information obtained from linked website before acting upon this information. Also, please be aware that the security and privacy policies on these sites may be different than the bank’s policies, so please read third party privacy and security policies closely. If you have any questions or concerns about the products and services offered on linked third party websites, please contact the third-party directly.