Monday, October 29, 2012

Down Payment Requirements

Here are the most recent down payment requirements for the various types of home loans:

For conventional (non-government) loans:
  • 5% down for a primary residence (3% is allowed, but the rates are higher and the mortgage insurance is higher)
  • 10% down for second homes 
  • 20% down for investment properties
For FHA loans (primary residences only):
  • 3.5% down - can be a gift from a relative of the borrower
  • $100 down if the property is a HUD home and the offer is for the full price 
For CHFA loans (primary residences only):
  • $1,000 minimum investment by the borrower - can be a gift from a relative of the borrower
VA loans (primary residences only):
  • 0% down

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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