Mortgage Down Payments

down payment is an initial payment made when something is bought on credit.

A down payment on a mortgage loan works the same way (except with VA loans, they require nothing down). Your total monthly mortgage payment is based on principal, interest, taxes, home owners insurance and private mortgage insurance.

In general, a down payment of at least 20 percent will let you avoid mortgage insurance and in certain instances you can use gift funds as a down payment option.

Using Gift Funds as a Down Payment

If you don't have the money for a down payment don't worry, you can still get a home!

We have 100% gift options available. The gift must be from a down payment assistant program or a relative / significant other. We can go over your mortgage loan options together.

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Highlands Residential Mortgage is committed to excellence in service. If you have any questions, shoot us an email and we’ll be happy to assist you.
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