Down Payment
Do you need 20% DOWN to buy a house?
Most cases the answer is NO!
Down Payment
A common myth in homebuying is that you must put 20% down to purchase a home. Many buyers put far less down — and some put nothing down at all.
Depending on your situation, you may qualify for:
- 3%–5% down conventional loans
- 3.5% down FHA loans
- 0% down / 100% financing programs for qualifying first-time homebuyers
- 0% down VA loans (thank you for your service) for eligible veterans, active-duty service members, and qualified surviving spouses
Some 100% financing programs are based on:
- Income limits
- Property location
- Occupancy requirements: The best way to understand your true buying power is to connect with Team Dixie. We’ll help you.
The right down payment option depends on your goals, finances, and the property — not a one-size-fits-all rule.
Email: Teamdixie@firsthorizon.com
You may be closer to homeownership than you think — and Team Dixie is here to guide you every step of the way.
Think your down payment is all you need? Think again.
Buying a home comes with a few key steps—and a few extra costs:
When you write an offer:
- Earnest money deposit – shows you’re serious (usually 1–3% of the home price)
Once the contract is accepted:
- Inspection fees – for home inspections
- Appraisal fee – your lender orders it, and you’ll cover the cost
At closing (cash to close):
- Down payment – the part you already planned for
- Closing costs – lender, title, and other fees
- Prepaids – taxes, insurance, a few interest days
Rule of thumb: 2–4% of the home price on top of your down payment.
The upside: No surprises, no stress—just keys in your hand and your new home.
