top of page
Search
  • Writer's pictureMaureen Landes

Current Down Payment for Home Loans

:

𝗗𝗼𝘄𝗻 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗟𝗼𝗮𝗻 𝗣𝗿𝗼𝗴𝗿𝗮𝗺𝘀


📆 As of January 2024, here's a summary of the current requirements:


🌟Conventional Loans

First-Time Home Buyer: 3% down payment.


Repeat Buyer: 5% down payment.


Second Home: 10% down payment.


Investor: 15% down payment on 1 unit, 2-4 units 25% down (if living in one unit, 5% down)


Note: PMI required if down payment is less than 20%.


🌟FHA Loans

Credit Score 580+: Minimum down payment is 3.5%.


Credit Score 500-579: Minimum down payment is 10%.


🌟 VA Loans (Veterans & Active Military):

No Required Down Payment: VA Loans may require a Funding Fee.

First-time VA Loan Users:


No Down Payment: 2.15% funding fee.


5% or More Down Payment: Reduced to 1.5% funding fee.


10% or More Down Payment: Reduced to 1.25% funding fee.

Subsequent VA Loan Uses:


No Down Payment: 3.3% funding fee.


5% or More Down Payment: Reduced to 1.5% funding fee.


10% or More Down Payment: Reduced to 1.25% funding fee.

Note: The VA funding fee can be waived for disabled veterans.


🌟USDA Loans


Target Audience: Low- to moderate-income buyers in rural areas.


Down Payment: Usually not required.


🌟Jumbo Loans


Properties: More costly properties exceeding conventional limits.


Down Payment: Varies based on lender and borrower’s financial situation.


🌟 Additional Notes:

It’s also important to note that there are various down payment assistance programs available, which can help buyers, especially first-timers, meet these requirements. Additionally, factors like credit score and debt-to-income ratio play a significant role in loan eligibility and the terms offered.

🔍 Requirements can change due to economic and regulatory shifts.


🙋‍♀️💬 𝗚𝗼𝘁 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀? 𝗙𝗲𝗲𝗹 𝗳𝗿𝗲𝗲 𝘁𝗼 𝗿𝗲𝗮𝗰𝗵 𝗼𝘂𝘁! (202) 827-5069 maureenlandes@gmail.com


1 view0 comments

Comentarios


bottom of page