Bank of England Mortgage Blog

How Much Do I Need For A Downpayment?

Happy Homebuyer’s With Their Keys!

As you might imagine, this is the question that is often foremost on the minds of potential homebuyers. Many think they need to save tens of thousands of dollars before considering a home purchase. The good news is that this is far from the truth!

At Bank of England Mortgage, we offer a wide array of mortgage programs with a broad mix of downpayment options. For instance, VA loans for veterans of the armed forces or USDA loan for properties in eligible areas require no downpayment at all. Conventional loans can be done with as little as 3% down and FHA loan require a 3.5% downpayment.

What about closing costs? Closing costs vary by home and by area but, these can also be supplemented by seller or lender credit. This is where a seller, as part of the purchase negotiation, agrees to pay a portion of your closing costs when the home purchase is completed. This is not at all uncommon in today’s market. We also offer loans where we provide lender credits towards closing costs, helping to offset the out of pocket costs of a real estate transaction.

The bottom line is that every scenario is different but, you do not need tremendous savings to buy a home. Give us a call today or start the process online at and we can tailor a program to fit your needs and abilities.

We’re here to help and we look forward to hearing from you. You can reach us today in Yardley at 215.493.3752 or online at

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Andy Raffle

Branch Manager

NMLS #156564

90 W Afton Ave. Ste. 203

Yardley, PA 19067

P: (215) 493-3752