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 [email protected]


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




Penny Seahorn Headshot
Author:
Phone: 602-549-9242
Dated: July 6th 2018
Views: 204
About Penny: Buying and selling a home is a very important event in your life. Whether it be your first home, a ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Dont Buy A House That Puts You At Risk - Don’t buy a house that puts you
Gilbert Ranked 3rd In The US For Most Livable City - First, I have to point out that
Are We About To Enter A Buyers Market -  Are We About to Enter a
Tips For Selling Your Home - If you are considering selling

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

American AllStar Realty
6642 E Baseline Rd Ste 101
Mesa, AZ
602-353-7375