Mortgage Glossary
Down Payment
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A down payment is the upfront cash you put toward a home purchase, with the rest financed by your mortgage.
What Down Payment means
It ranges from 0% on VA and USDA loans to 3% on conventional and 3.5% on FHA. A larger down payment lowers your loan amount, can eliminate PMI, and improves your rate.
Florida example
A Florida buyer purchasing a $350,000 home puts 3.5% down ($12,250) on an FHA loan or 20% ($70,000) to skip PMI on a conventional loan. Down payment assistance can cover much of the upfront cash.
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