The ‘Down Low’ on the Down Payment

THE ‘DOWN LOW’ ON THE DOWN PAYMENTThe down payment is the amount of cash a homebuyer pays at the time of closing. Typical home loans require a 20% down payment. Some conforming loans will accept a 5% down payment, and FHA loans will accept a 3.5% down payment. While most conventional loans require a minimum down payment, it is possible to put no money down. Other programs like VA loans and USDA loans also allow for zero down payments for eligible buyers. BOTTOM LINE: get with a lender to see what options you qualify for!