How Much is a Down Payment?
/Dan Hubrich of Mountain View Mortgage is back and this month he’s talking about the different amounts needed for down payments on various mortgage types.
This month lets talk about minimum down payment requirements. So how much down payment is needed to buy a house? The answer is….it depends! It mainly depends on the loan product type, but in some cases your income makes a difference as well. On a conventional loan 5% down is the minimum required unless you are a first time buyer, which in case you can do 3% down if certain income limits are met. With an FHA loan, you can do 3.5% down across the board (no income restrictions). If you are veteran then the VA loan is a terrific option and you can do zero down with no mortgage insurance. There are other zero down options as well if certain income limits are met. These types of loans consist of a traditional Conventional or FHA 1st mortgage, followed by a small 2nd mortgage in lieu of the down payment. Please contact me for more specifics and if you have any questions. Thank you!