by Shannon Gupta @shannonfguptaOctober 26, 2017: 9:48 AM ET
For cash-strapped Millennials, saving for a down payment on a home can be downright daunting.
If a traditional 20% down payment sounds out of reach, you'll be happy to know that some mortgages will allow you to put down as little as 3.5% of your home's purchase price.
But there's a catch. Putting down less means you're borrowing more -- and will have to pay interest on that entire loan.
You're also on the hook for extra fees on top of all the regular expenses that come with home ownership.
Here's how to decide if down payment assistance is right for you.
Step 1: Understand the challenges
Making a down payment of less than 20% will result in higher…