Current Down Payment Requirements

 In First-Time Home Buyers, Qualifying for a Mortgage

Did you know that you do not need 20% down to buy a house?  Depending on the type of loan you get, you may not even need any money down. Here are the current down payment requirements for various types of loans.

Conventional loans – available for primary residences, second homes, and investment properties:

  • 5% down for primary residences.  Some people qualify for only 3% down.
  • 10% down for second homes
  • 20% down for investment properties

FHA loans – primary residences only:

  • 3.5% down

VA loans – primary residences only:

  • 0% down.  No down payment is required.

CHFA (Colorado Housing and Finance Authority) loans – primary residences only:

  • 0% down.  CHFA offers down payment assistance loans, and you do not need any of your own money for the down payment.

For all of these loan programs, if you are buying a primary residence, you are allowed to get a gift from a relative to pay for the down payment.

Don’t miss out on the hot housing market by mistakenly believing you need 20% down to buy a house.  You do not need that much under current down payment requirements.  Contact us today to see how easy it is to get approved for a mortgage.

If you already have a mortgage and want to save some money by refinancing your current loan, give us a call, send a text, or send an email.  We’re always happy to answer any questions you might have.

Recent Posts

Start typing and press Enter to search

DACAGet Your Offer Accepted