Mortgage Basics 1: Down Payment

I get asked all the time, "What is the minimum down payment?" Well folks, here you go!

FHA: Minimum down payment is 3.5% of the purchase price.

Conventional: If a first time buyer (have not been on title on a house in the past 3 years) then 3% down. Otherwise it is 5% down minimum.

VA: Loans for current or past military personal require 0% down.

USDA: Certain rural areas (hard to find in the inland empire) require 0% down.

Manufactured: 3.5% down payment required if FHA otherwise 10% down required conventional.

What about down payment assistance? There are many programs that offer down payment assistance. They will cover the required down payment (3-3.5%) as well as some of the closing costs in some cases, depends on the loan/ situation.

***check out my down payment assistance site for more info!

For more information feel free to email, call or text me!


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