A down payment is the upfront money paid when purchasing a home, with the rest financed through a mortgage. First-time homebuyers can expect lower minimum down payments than the traditional 20%. Options include 3.5% for FHA loans and 0% for VA and USDA loans for eligible borrowers. Conventional loans such as HomeReady and Home Possible often require at least 3% down. These government-backed loans promote homeownership for certain populations by minimizing down payment requirements.
A down payment is the initial sum of money you pay upfront when buying a home, with the remaining amount financed through a mortgage.
The minimum required down payment for first-time homebuyers is typically lower than the traditional 20%, with many loans offering as low as 3% or even 0%.
FHA loans typically require 3.5% down, while VA and USDA loans may offer 0% down for eligible borrowers. Conventional loans generally require a minimum of 3% down.
USDA and VA loans provide significant advantages to first-time homebuyers by typically requiring no down payment, aimed at making homeownership more accessible.
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