Friday, September 7, 2012

Down Payment Requirements

Here are the latest down payment requirements for mortgages in the US:

Primary residence (your main house):
  • 3% for conventional loans
  • 3.5% for FHA loans
  • 0% for VA loans
With primary residences, you can get a gift from a relative to cover the down payment!

Second homes (a second home that you do not rent to others):
  • 10% for conventional loans
Investment properties (houses that you rent to others):
  • 20% for conventional loans
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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