How Much Down to Buy a Home?

Saving for a down payment is often the biggest concern for first time buyers.

The good news is that many buyers in Northeast Louisiana purchase homes with far less money down than they expected.

Common Down Payment Options

Several mortgage programs allow smaller down payments.

FHA loans
Often require about 3.5 percent down.

Conventional loans
Some programs allow 3 percent down.

VA loans
Eligible veterans may qualify for zero down payment.

Down Payment Assistance Programs

Buyers in Northeast Louisiana may also qualify for programs that help cover part of the down payment.

These programs are designed to help first time buyers enter the housing market sooner.

Helpful Takeaways

• Many buyers purchase homes with 3–5 percent down
• Assistance programs may help cover part of the down payment
• Higher down payments can reduce monthly payments
• Talking to a lender early helps you understand your options

Many buyers in Monroe, West Monroe, Ruston, and Bastrop discover they are closer to buying a home than they realized.

The Harrison Lilly Team at Harrison Lilly Realty helps buyers navigate the process and connect with trusted lenders throughout Northeast Louisiana.

Reach out to the Harrison Lilly Team to learn more.