A down payment is an initial payment made when something is bought on credit. A down payment on a mortgage loan works the same way. VA loans require nothing downYour total mortgage payment monthly is based on Principal, Interest, Taxes, Home Owners Insurance and Private Mortgage Insurance if you put less than 20% down.
In general, a down payment of at least 20 percent will let you avoid mortgage insurance. In certain instances you can use Gift Funds for your down payment.
For more specifics about the down payment process please contact a RMLO or download the comprehensive guide below.
Download the full Down Payment Guide (PDF):