Good Morning!
I have borrowers ask me every day how much they need to put down to purchase a home.
Here are your minimum down payment options on the loan products currently available in the marketplace.
Loan Programs…
VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.
USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.
FHA: The minimum down payment is 3.5%. Great rates, has up front and monthly mortgage insurance.
Conventional: You will need 5% down for Conventional loans. There is also a 3% down for first time home buyers.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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