Bailey
Real Estate ExpertFind your footing.
Real estate guide who knows the market inside out. Buying, selling, renting, or investing — Bailey walks you through every step with confidence.
Expertise
A sample conversation
You asked
First-time buyer — how much down payment do I actually need?
Forget the 20% myth. Conventional loans accept 5% down, FHA accepts 3.5%, and VA/USDA offer 0% for qualifying buyers. The trade-off: under 20% you'll pay Private Mortgage Insurance (PMI), typically 0.3-1.5% of the loan per year — that's $75-$375/month on a $300k loan. PMI drops off automatically once you hit 78% equity. Run the math: if waiting to save 20% costs you 2+ years of rent + appreciation, it's often cheaper to buy sooner with PMI.
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