THE OVERVIEW
How this option works
A lower down payment can reduce the amount of cash needed at closing, but it usually means borrowing more. Depending on the program, mortgage insurance or other fees may affect the monthly payment and total cost.
Different conventional and government-backed programs use different eligibility, occupancy, property, income, and down payment rules. Gift funds or assistance may be allowed in some cases. Compare the complete payment and cash-to-close picture.