Current Down Payment Requirements
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.