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Buyer's Guidechevron_rightGlossary

Down payment

In plain English

The part of the price you pay in cash at closing. Your mortgage covers the rest. Some loans for first-time buyers accept as little as 3%, and an FHA loan as little as 3.5%.

By David Knorr · Last reviewed October 28, 2026

Why it matters to you

On a conventional loan, less than 20% down usually means paying PMI. Your earnest money counts toward it at closing. Ask your lender about down payment help: Georgia's state program is called Georgia Dream. It's mainly for first-time buyers, with income and price limits and a minimum credit score, so check what may fit your home.

routeStep 1: Am I ready to buy?PMIFHA loanClosing costsEarnest money

infoGeneral information based on the standard Georgia REALTORS® purchase contract and public guidance. Your own contract decides: read it, and ask your agent or closing attorney about anything that matters. Not legal or financial advice.