Discover Flexible Down Payment Options for Your Dream Home.

A home down payment is the initial upfront payment made towards the purchase price of a property, typically expressed as a percentage of the total purchase price.

The amount of down payment required varies depending on factors such as the type of loan, lender requirements, and your financial situation. It can range from as low as 3% to 20% or more of the home's purchase price.

Making a larger down payment can lead to lower monthly mortgage payments, reduced interest costs over the life of the loan, and may help you qualify for better loan terms.

Yes, Ameritrust Mortgage offers various down payment assistance programs to help qualified homebuyers with their down payment requirements. These programs may include grants, loans, or other forms of financial assistance.

In many cases, you can use gift funds from family members or other sources to help cover your down payment. However, there may be specific guidelines and documentation requirements that need to be met.

It's possible to purchase a home with a down payment of less than 20%. Ameritrust Mortgage offers loan options with lower down payment requirements, such as FHA loans, VA loans, and USDA loans, to help make homeownership more accessible.

Private mortgage insurance (PMI) is typically required for conventional loans with down payments of less than 20% to protect the lender in case of default. However, Ameritrust Mortgage can help you explore loan options that may eliminate the need for PMI or offer alternative solutions.

Start by creating a budget and setting aside a portion of your income specifically for saving towards your down payment. Consider automating your savings, cutting expenses, and exploring additional sources of income to accelerate your savings progress.