Popular thought is that mortgages now require 20% down payment, not true! Conventional loans are available for as little as 3% down, FHA loans 3.5% down, and Veterans loans for 0% down. Putting 20% down will avoid mortgage insurance. Investment purchases and large loans may require 20% down. Mortgages through the VHDA (Virginia Housing and Development Authority) can be constructed so the cash contribution is only 1% of the sales price. Talk to your lender about down payment options that fit your current savings.
