Down Payment Help

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For many homebuyers, saving up for a down payment can seem like a massive roadblock, especially with home prices skyrocketing. But there are mortgage options designed specifically for those who can’t save the standard 20% down of the loan amount—or don’t want to wait until they do.

What do I do if I don’t have enough for a down payment
  1. KeySavings Bank offers Down Payment Assistance Programs.
  2. Tap Into Benefits for First-Time Buyers.
  3. Supplement Your Income With a Part-Time Job.
  4. Sell Some of Your Belongings.
  5. Downsize Your Lifestyle.
  6. Receive a Gift from a Relative.
  7. Borrow from your 401(k).

Pros and Cons of a No Down Payment Mortgage

While having to put less cash down on a mortgage can seem tempting, there are some things to consider before signing up.

Pros of No Down Payment Loans

  • You don’t have to deplete your cash reserves (or wait until you have saved enough) for a large down payment
  • You don’t have to worry about paying mortgage insurance on top of your loan repayments, in most cases
  • You’ll get more favorable terms from the lender if it’s a government-backed loan

Cons of No Down Payment Loans

  • If the loan is not backed by a government entity, then it will likely come with a higher interest rate
  • The lender will typically charge higher origination and funding fees
  • You typically need a good credit score to be eligible

To answer your questions, please call and talk to a qualified and licensed Mortgage Loan Originator.

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