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Down Payment

Definition of term

A down payment is a percentage of the purchase price that the buyer pays in cash when using a mortgage to finance the purchase. Buyers pay the down payment on closing day. Down payments are typically 3% to 20% of the home's purchase price although it can be as low as 0% for certain loan types such as VA loans and USDA loans.

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555 Marriott Dr., Suite 315,

Nashville, TN 37214