Loan Programs Down Payment Requirements

Down Payment

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? 

Look no further, we are here to help answer those questions!

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:

Government Loans

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

Conforming Loans

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

Specialty Loans

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.