What is the standard down payment?


The standard down payment used to be 20% before PMI was invented. However, paying what is the standard down payment of 20% does rid you of private mortgage insurance.

Alternatives to the Standard Down Payment

Nowadays, the down payment does not have a standard. It can be a down payment of 0, 5 or 10 percent; the choice is left to the borrower. It is possible to get indirect seller down payment assistance through private grant programs; it is possible to use federal and state down payment assistance plans, or get qualified for a silent second mortgage waived after some occupancy period.

It is also possible to fund your mortgage down payment with a second mortgage, or a HEL or HELOC.

100% financing is also an option; however, you won't avoid paying PMI.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: