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How Much Do I Need for a Down Payment?
One challenge first-time home buyers face is saving enough for a down payment. Often, young home buyers are saddled with tens of thousands of dollars in student-debt and are just beginning to get their careers off the ground.  This makes it difficult to save enough for the traditional 20% down payment needed for a 15- or 30-year loan, especially in a market like Seattle where home prices are nearly triple the national average. The good news is that most lenders offer FHA loans that require as little as 3.5% down for a 30-year loan. Are you a veteran? VA loans through the US Department of Veteran Affairs are available with $0 down and no private mortgage insurance! 
 
These programs make buying a home feasible for many, but there are pros and cons to a smaller down payment you should be aware of:
Pros:
      If you don’t have enough saved for a large down payment, an FHA loan with 3.5% down allows you to start owning a home and begin building equity and stop paying your landlord’s mortgage every month       If you live in an area where home prices are rising due to solid job and wage growth (like Seattle!) a small down payment ... more

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