One of the biggest myths in real estate is that you must put 20 percent down. Many buyers purchase with much less.
Common down payment options
Different loan types ask for different amounts. Some allow low down payments, and some programs are designed for first-time buyers. A trusted lender can show you what you qualify for.
What a smaller down payment can mean
A higher monthly payment, because you borrow more.
Possibly mortgage insurance, which adds to the monthly cost.
Less cash tied up, so you keep savings for repairs and emergencies.
Other cash you will need
Earnest money, which goes toward your purchase.
Inspection and appraisal fees.
Closing costs.
A cushion for moving and settling in.
Where help may come from
Ask about down payment assistance programs in Texas, gift funds from family and employer programs. Rules change, so check the current details with your lender.
How to plan
Start by deciding on a monthly payment that feels comfortable, then work backward. I can connect you with lenders I trust to run the numbers.
Ready to see what you can afford? Contact me and we will make a plan.
