Do Winston-Salem Home Buyers have to make a 20% down payment?

True or false? Home buyers have to make a down payment of 20 percent. False.

The typical down payment for first-time buyers was 8 percent in 2023, according to the National Association of Realtors.

Loans guaranteed by the FHA require a down payment as low as 3.5 percent, and members of the military may qualify for a zero percent down payment VA loan.

Conventional loan programs can allow for down payments as low as 3 percent for first-time buyers.

While a smaller down payment can make home ownership more accessible, buyers will end up with a larger loan, and therefore larger payment.

On top of that, you will have to pay monthly for private mortgage insurance (PMI), which will further increase your monthly payments.

You will need to pay the additional PMI until you build up 20% equity.

Check with different lenders to find out what options are available to you.