13 Mortgage Facts That Might Surprise You

You can get a mortgage paying little to nothing down: You might not want to, though. Check out VA loans or USDA Rural Development loans (which apply to lots of not-so-rural areas near cities), as they offer mortgages with $0 down payments. Conventional mortgages backed by Fannie Mae or Freddie Mac may allow you down payments of as little as 3%, while Federal Housing Administration (FHA) loans are available with only 3.5% down. These can mean the difference between buying a home and not being able to, but understand that youll be starting out with little to no equity and if the homes value falls, youll owe more than its worth.