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!