A 20% down payment is not a universal mortgage requirement. The amount you need depends on the loan, lender, borrower qualifications and property. A national low-down-payment example does not establish that a particular Telluride home, condominium, second home or buyer qualifies.
The graphic shows 8% for first-time buyers and 15% for all buyers, alongside a 20% misconception. It identifies the first two figures as medians, not required minimums. Those are dated national figures from the original graphic, not Telluride measurements or a current lender quote. The graphic also mentions national assistance resources, including teachers, first-time buyers, borrowers with limited savings, Black homeownership initiatives and Native American programs. Its statement about thousands of programs is not a count of programs available in Telluride.
The Consumer Financial Protection Bureau's FHA overview describes down payments as low as 3.5%, with eligibility and loan limits to check. Ask a lender about the actual property, required mortgage insurance, cash reserves, credit and income documentation, rate, fees and total payment. A larger down payment can change the financing terms, but using more savings also changes the cash you retain for repairs and other needs.
Some national programs can permit no down payment for qualified borrowers. For example, VA purchase loans have service, lender and occupancy requirements; the VA also explains circumstances in which a down payment may still be needed. This is not a zero-down offer from Mountain Rose Realty or a determination that a reader qualifies.
Ask the lender or program administrator to confirm current funding, income and purchase-price limits, eligible locations and property types, occupancy rules, required education and whether assistance is a grant, deferred loan or repayable loan. Find out what happens if you sell, refinance or move. A program listed in a national directory may be unavailable for your location or intended use.
Make a cash plan that includes the down payment, closing costs, any required reserves, moving expenses and ongoing ownership costs. Contact Anne-Britt Ostlund to discuss the property search and coordination with your lender; the lender and program administrator make financing and assistance determinations.