In our decade plus of experience with lending, we have found that the mortgage down payment requirements has left many with questions.
How much is needed? What if I’m ready to buy a home but don’t have a lot of money saved up? Can people help me pay for the down payment?
You may know that there are a variety of different loan programs available, each one with it’s own requirements and guidelines. This allows us to provide financing for a variety of home buyers of varying circumstances. For every loan program available, there are minimum down payment requirements; we have compiled a list of just that:
FHA (Federal Housing Administration) 3.5% Minimum down payment requirement
FHA 203k (Renovation) 3.5%Minimum down payment requirement
VA (Veteran Administration) No minimum down payment requirement
RHS/USDA (Rural Housing Services/ US Department of Agriculture) No minimum down payment requirement
FNMA (Fannie Mae) HomeReady 3% Minimum down payment requirement
FNMA HomeStyle 5% Minimum down payment requirement
FLMC (Freddie Mac) HomePossible 3% Minimum down payment requirement
Conventional 5% Minimum down payment requirement
Hobby Farm 5% Minimum down payment requirement
Doctor No minimum down payment requirement
Not sure how much to save for still? No worries! Click here to read more to learn about saving for a down payment.