downpayment
Noun
Meaning
downpayment (plural downpayments)
Alternative form of down payment
Synonyms
Examples
Both conventional mortgages that offer a 3% downpayment and FHA-Insured mortgages that require a 3.5% down payment, have specific borrowing limits in the continental U.S. that range from $275,665 to $636,150 depending on where the home is.
Administered out of the U.S. Department of Housing and Urban Development, the grant also gives first-time, income-eligible homebuyers downpayment assistance in the three targeted areas.
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Attorney Allison Nelson receives the official downpayment for the new Community Arts Center from executive director Nancy Fox, thanks to a generous donation from Fulton Savings Bank.
"The biggest challenge for potential homebuyers, is the lack of a sufficient downpayment," he said.
More families are being squeezed into rental properties because they can't find an entry-level home or afford the downpayment for a property.