You do not need 20 percent down to buy a home. Here is how to think about smaller down payments.
Trade-offs
- A smaller down payment means a larger loan and typically a higher monthly payment.
- Many loans require mortgage insurance when the down payment is small. Ask your lender how long it lasts and whether it can be removed.
Options to ask about
- Conventional loans with low down payment options
- FHA loans
- Georgia down payment assistance programs; see our down payment assistance guide
Compare the full monthly payment and cash to close from more than one lender, not just the rate.
Ready to start your search? Search Metro Atlanta homes, browse our properties, or contact Nil Patel Real Estate to talk through your plan.
This article is general information, not legal, tax, or financial advice. Loan programs, rates, and local rules change, so confirm details with your lender, attorney, or tax professional. Nil Patel is a licensed Georgia real estate salesperson with Keller Williams Realty Atlanta Partners.