Down Payment

_______________________________

A down payment is the amount of cash you put down for a loan. The down payment requirement is dependent upon the type of loan, number of units, and your loan history. It ranges anywhere between 3% to 20%. Typically, if you put less than 20% down on a home, you’re required to pay private mortgage insurance (MIP) or mortgage insurance premium (MIP) , a small fee paid monthly until you have paid off 20% of your loan.