Alexandria, VA – Let’s debunk a myth! You CAN buy a home with less than a 20% down payment. Many potential home buyers give up before they’ve even started because they think they don’t have enough for a down payment. While 20% down is needed to avoid paying private mortgage insurance (PMI) on a conventional loan, it is not required. There are many loan options available with down payments that are considerably less. These options can help people enter the real estate market sooner than they expected.

In fact, first-time buyers are putting down a median of just 9%, and 59% of homeowners put down less than 20%.

We asked one of our local, preferred lenders, Jordan Jackson , VP of Mortgage Lending at Rate, to share some of these options:

FHA Loans: Minimum of 3.5% up to $806,500. Minimu

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