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Down Payments for Mortgage Loans

The type of loan you get and your overall credit scores will determine the minimum down payment you will be required to have.

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Conventional Loan Down Payments

Conventional loans typically range from 10% to 20% down. In addition a private mortgage insurance premium will be assessed as a monthly fee. If you default on your loan, the private mortgage insurer must repay the balance of your loan to the investor holding the note. But if you are able to put 20% or more down on your real estate purchase you avoid having to pay mortgage insurance, which can be quite a savings on your monthly payment.

FHA Loan Down Payments

FHA loans are usually 3.5% minimum down payments. Often called first time homebuyer loans, FHA loans are available to anyone who is purchasing a home as a primary residence, subject to federally mandated maximum loan amounts. And the FHA loan is more forgiving of lower credit scores. The down side is that they always have monthly mortgage insurance fees as well as an upfront mortgage insurance assessment no matter how much down payment the borrower comes up with.

VA Loan Down Payments

VA loans, available only to veterans that have a minimum military service, can be literally be $1 down, again subject to federally mandated maximum loan amounts. The Veteran's administration insures these loans with a one time up front fee which can be added on to the mortgage amount. The purchase contract states that the seller will pay all the borrowers closing costs, though usually the sales price is adjusted upwards to cover those costs for the VA buyer. VA loans are only for owner occupied purchases.

Bond Program Down Payments

Down Payment Assistance Programs are available periodically. These are also called "bond" programs. Eligible borrowers must meet income and credit criteria ranges, the home purchase must be a primary residence, and the borrower cannot have owned a home in the previous 2 years. Moneys have to be allocated by the state to fund the bond programs, and they are not always available. Plus only a limited selection of lenders are eligible to offer the bond programs.

Easy Online Mortgage Application

Feel free to fill out the information below, and we will have a mortgage consultant contact you to determine if you are eligible for one of the special down payment assistance programs.

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