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!


Featured Posts
Recent Posts
Archive
Search By Tags
No tags yet.
Follow Us
  • Facebook Basic Square
  • LinkedIn Social Icon
  • Google+ Basic Square

Let's Talk.

One BetterWorld Cir. Ste.100

Temecula, Ca 92590.

C:951.595.1345 

O:951.506.4000X132

NMLS# 1126455

  • Facebook - Black Circle
  • LinkedIn - Black Circle