Your down payment is the portion of the purchase price of your new home that you pay in cash up front. The amount of your down payment impacts your available equity and your monthly payment—the larger your down payment, the smaller your monthly payment because you are borrowing less.

This upfront cash can be worrisome, especially for first-time buyers. Many borrowers believe that lenders require 20% down to buy a home. While large down payments are always a good idea, many mortgage loan options require less than 20% down!

U.S. Department of Veterans Affairs (VA) Loans: If you are a veteran of the U.S. Armed Forces, you could be eligible for a VA loan. Because the loan is guaranteed by the Department of Veterans Affairs, buyers can get into a home with low or no down payment.

Conforming Mortgages: A conforming mortgage is a loan that conforms to Fannie Mae guidelines. These are fixed-rate mortgages that are available in 10-, 15-, 20- and 30-year terms. There are loans available in amounts from $50,000 to $453,100. Depending on the property type, down payments for first-time home buyers can be as low as 3% (97% financing).

Verity’s Advantage Plus 100% Financing: Verity offers a special portfolio loan for our members and does not require a down payment or mortgage insurance. This is a 5/5 adjustable rate mortgage where the interest rate is fixed for the first five years and can adjust up or down a maximum of 2% every five years. The lifetime adjustment cap is 5%. There is no mortgage insurance required.

Waiting until you save for a down payment can be a costly mistake. Talk to a Verity representative about down payment options or visit


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Kira Cox

Hi, I’m Kira. I joined Verity in early 2012 after a seven-year stint as a newspaper reporter. While I never thought my career path would veer off in this direction, I am loving my time at Verity. I recently moved from being a member services representative at the Alderwood Branch to being the marketing coordinator for the credit union.

I’m originally from Texas, but I have lived all over the country and the world, including Boston, Massachusetts, Anchorage, Alaska and Sydney, Australia. But in all my travels, the Pacific Northwest is the only place that has felt like home.

When not at work, I am usually home with playing with my son, husband, dog and three cats. During the rare times I don’t have a to-do list to plow through (and it’s not raining too hard), I can be found digging in the vegetable garden, training for a half-marathon, or grilling in the backyard.

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