It’s common to put 20% down, but many lenders now permit much less, such as AHFA’s Step Up mortgage product.
Do you have 20% of your target purchase price available for a down payment? It’s common to put 20% down, but many lenders now permit much less, such as AHFA’s Step Up mortgage product. Putting down less may mean higher costs and paying for mortgage insurance, and even a small down payment can still be hefty. Some tips for saving for a down payment include setting aside tax refunds and work bonuses, setting up an automatic savings plan, and using an app to track your progress.