How Much Down Payment Is Required For A Home Purchase

How Much Down Payment Is Required For A Home Purchase

 

While 20% down is ideal, it most certainly is not the norm. Below are the minimum down payment requirements for the most common loan types:

·       FHA - The minimum down payment is 3.5%. There are down payment assistance programs available to cover this requirement.

·       Conventional - The minimum down payment for conventional financing ranges from 3-5%. If you are a first time home buyer, the minimum down payment can be as low as 3% with underwriting approval. There are down payment assistance programs available to cover this requirement.

·       VA - The minimum down payment is 0%. The borrower must be a veteran to qualify.

·       USDA - The minimum down payment is 0%. USDA loans are limited to predetermined rural areas.

Source: Prime Lending, Andrew Augustyniak-Branch Manager andrew.augustyniak@primelending.com


If you have any questions about these programs or any others please do not hesitate to reach out!!


Penny Seahorn 602-549-9242 cell  American Allstar Realty 6642 E. Baseline Rd Ste#101 Mesa, AZ 85206 480-751-5300 office




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Phone: 602-549-9242
Dated: July 6th 2018
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About Penny: Buying and selling a home is a very important event in your life. Whether it be your first home, a ...

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