Can I buy a home with less than 20% down?
Yes, many buyers purchase homes with less than 20% down. Some first-time homebuyer programs allow qualified buyers to purchase with as little as 3% down.
Full Explanation
Buying a home with less than 20% down is very common, especially for first-time homebuyers. Many loan programs are designed to help buyers enter the housing market with lower upfront costs. Conventional loans may allow down payments as low as 3%, while FHA loans may offer flexible qualification requirements for eligible borrowers.
Although a lower down payment can make homeownership more accessible, buyers should understand that private mortgage insurance or additional monthly costs may apply depending on the loan type. In Sherman Oaks and surrounding areas, working with an experienced lender and realtor can help you compare financing options and determine which loan program best fits your financial goals. A lower down payment may allow buyers to enter the market sooner while still building long-term equity.
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