Down Payments & PMI

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• How much to put down on a home Unsure about how much you need to save in order to make a down payment on a home? There are several options.
• Piggyback loans let you tap your home equity when buying Homebuyers can use a second mortgage or line of credit to help with a down payment, or to finance other needs and wants.
• Borrowing your down payment You can borrow your down payment for a house and lower your monthly payments, as well as avoid private mortgage insurance.
• Which is better: PMI or piggyback loan? Here's how to weigh your options if you plan to buy a home with a down payment of less than 20 percent.
• The second trust (piggyback) loan If you can't come up with a 20 percent down payment, a second trust (piggyback) loan may help.
• Finding a no money down mortgage A no money down mortgage allows you to finance 100% of the purchase price of the home. But beware of the risks.
• Down payment: What is the purpose? Why do lenders want a down payment when you purchase a home? It's all about security.
• Down-payment assistance programs If you are struggling to save enough to make a down payment on a home, there are assistance programs available to help.
• Pulling together a down payment Tips for saving for a down payment.
• What you need to know about private mortgage insurance (PMI) PMI lets you buy a house with less than 20 percent down in exchange for higher mortgage payments.
• PMI may be tax deductible Federal government allows a tax deduction for private mortgage insurance (PMI).
• Low down payment? A piggyback loan or PMI can help Without a 20-percent down payment, you'll need to pay for either a second loan or private mortgage insurance (PMI).
• Canceling private mortgage insurance (PMI) Have you built up a fair bit of equity in your home? You may qualify to cancel private mortgage insurance and save hundreds or even thousands of dollars per year.
• Do I have to have private mortgage insurance (PMI) Depending on your situation, there may be alternatives to expensive PMI.
• Is your down payment too big? It may not always be in your best interest to make the largest down payment you can when buying a home.
• What is the standard down payment amount today? The standard down payment has changed from 20 percent to what works best for the homebuyer.
• How much of a down payment do you need? When saving for a down payment on a home, if you've been able to save 30 percent instead of just 20 percent, you can decide how much to put down.
• Ups and downs of down payments A hefty down payment isn't required to buy a home, but starting out with some equity can be a smart decision.
• Your down payment: Why the source matters Knowing the source of a down payment is important to a lender. It reassures them that you intend to repay the loan.

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