Home Loan 101

Is a Bigger Down Payment Always Better?

In the homebuying process, if you find yourself in the enviable position of having more cash than needed for a minimum down payment, it may be difficult to know just how much you should put down. A larger down payment can bring plenty of benefits, but is it always best to contribute the biggest down payment possible?  First, remember that every loan program has its own down payment requirements. FHA loans for example require a minimum of 3.5% while jumbo loans will require at least 10%. To get a conventional loan without PMI you’ll need 20%. USDA and VA, by contrast, do not requi...

September 25th, 2019 | Purchasing a Home, Preapproval, Mortgage Advice, Is a Bigger Down Payment Always Better?

CenterState Bank

415 Meridian St
Huntsville, Alabama 35801

Phone: 256-564-7600

Fax: 866-240-4255

NMLS: 514390

Tracy Flesch

Vice President, Mortgage Loan Originator

Phone: 256-564-7615

NMLS: 684453