09/11/2026
Mortgage Insurance: you don’t need to put down 20% when buying a home. Yes, if you do put down 20%, you won’t have mortgage Insurance on your payment, the reality is most don’t have that amount able to allocate towards a home purchase and that’s very normal and ok.
I sent a client last night a loan comparison analysis worksheet showing him what 10%, 15%, and 20% down payment options look like and what each option does to monthly mortgage payment. In short, he thinks it’s best to put down 20% so he doesn’t have mortgage Insurance, however, that’s going to deplete his total funds down significantly, so what we’re reviewing is putting down 42k or 21k less to keep reserves in hand, and making sure that monthly payment stays within alignment with payment comfortability.
First time home buyer conventional financing you can put down as little as 3%, you don’t need 10, 15, 20 percent down payment.
Let’s see what you approve for and if it makes sense for you to buy at this time 🔑 🏡
Matt Famiglietti
Mortgage Loan Advisor
Licensed in NH, MA, ME, FL
NMLS #1627013
Fairway Home Mortgage
📲 603-856-4974
📧 [email protected]
💻 WWW.MORTGAGE-MATT.COM
