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  • Writer's pictureMaureen Landes

Current Down Payment for Home Loans

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๐——๐—ผ๐˜„๐—ป ๐—ฃ๐—ฎ๐˜†๐—บ๐—ฒ๐—ป๐˜ ๐—ฅ๐—ฒ๐—พ๐˜‚๐—ถ๐—ฟ๐—ฒ๐—บ๐—ฒ๐—ป๐˜๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—Ÿ๐—ผ๐—ฎ๐—ป ๐—ฃ๐—ฟ๐—ผ๐—ด๐—ฟ๐—ฎ๐—บ๐˜€


๐Ÿ“† As of January 2024, here's a summary of the current requirements:


๐ŸŒŸConventional 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%.


๐ŸŒŸFHA Loans

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


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


๐ŸŒŸ 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.


๐ŸŒŸUSDA Loans


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


Down Payment: Usually not required.


๐ŸŒŸJumbo Loans


Properties: More costly properties exceeding conventional limits.


Down Payment: Varies based on lender and borrowerโ€™s financial situation.


๐ŸŒŸ Additional Notes:

Itโ€™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.

๐Ÿ” Requirements can change due to economic and regulatory shifts.


๐Ÿ™‹โ€โ™€๏ธ๐Ÿ’ฌ ๐—š๐—ผ๐˜ ๐—พ๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€? ๐—™๐—ฒ๐—ฒ๐—น ๐—ณ๐—ฟ๐—ฒ๐—ฒ ๐˜๐—ผ ๐—ฟ๐—ฒ๐—ฎ๐—ฐ๐—ต ๐—ผ๐˜‚๐˜! (202) 827-5069 maureenlandes@gmail.com


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