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
Do you need cash out of your home, but you don’t want to refinance the…
I wanted to address the two most common questions that I get regarding reverse mortgages……
Do you need cash out of your home, but you don’t want to refinance the…
Would you like to get cash out of your home, but you don't want to…
If you need cash out of your house, but don't want to touch your first…
I wanted to address the two most common questions that I get regarding reverse mortgages……