Your minimum down payment depends on the type of mortgage, your lender and your finances.
Types of mortgage loans:
- FHA Loans - This may be the right option for you if you are a fist time home buyer. Down payment could be as little as 3.5%.
- VA Loan - Thank you for your service. VA Loans do not require a down payment.
- Conventional Loans - If you have a great credit score, you could buy a home with 3% down.
- USDA Loans - For rural and suburban homes. There are income and loan requirements.
Check with your lender for professional guidance. If you don't have a lender, I work with several lenders who provide excellent service for my clients.
Call, text or email me and I will be glad to put you in touch with our best local lenders.
See the link below for more information.