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Mortgage Market Update
TJ Gray
TJ Gray
Thursday, September 3, 2026
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Down payments: smaller than you think |
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Hi there. This week I want to clear up something I hear wrong a lot when people are thinking about buying their first home.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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First-Time Buyer
What nobody tells you about down payments
One of the biggest myths I hear is that you need twenty percent down to buy a home. The truth is, plenty of borrowers buy with much less — and they do it responsibly. The real story isn't about hitting a magic number; it's about understanding what down payment size means for your loan, your monthly payment, and your financial picture. A smaller down payment might mean mortgage insurance or different loan terms, but those are tools, not roadblocks. What matters most is that you're borrowing what you can actually afford and choosing terms that fit your life. If you're thinking about buying and unsure where to start, I'd love to walk through your options with no pressure. Let's talk about what a realistic down payment looks like for your situation.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the TJ Gray team any time and we'll walk you through your options. |
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