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Planning for your down payment

Plan for your down payment

Your down payment is an important step in the homebuying process.
Here are a few tips to help you understand what a down payment is and how it affects your mortgage.

Down payments 101

Your down payment goes toward the purchase price of your new home and is paid at closing. There are several down payment options available.

  • Putting 20% down has its benefits, like potentially lower payments and no Private Mortgage Insurance (PMI) requirement, but low down payment programs can make it easier to buy a home.
  • We offer several low downpayment options, including:
    • Chase DreamMaker Mortgage℠ – pay as little as 3% down
    • Federal Housing Administration (FHA) loan – down payments as low as 3.5%
    • Standard Agency Loans – put down as little as 5%
    • U.S. Department of Veterans Affairs (VA) Loans – zero down payment option available

The inside scoop

Learn about down payments from a mortgage professional and get real life advice from first-time homebuyers.

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Funding your down payment

There are many ways to fund your down payment. Here are a few possibilities.

Move on to credit score

Take the first step and get prequalified.

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