Down payment requirements vary depending on the type of loan and your financial profile. We’ve provided some industry-standard guidelines below; your Loan Officer will be available to help you understand down payment options based on your specific loan details.
Conventional Loans
Conventional loans backed by Fannie Mae or Freddie Mac may allow down payments as low as 3% in certain cases. Putting down less than 20% typically requires private mortgage insurance (PMI).
FHA Loans
Loans insured by the Federal Housing Administration (FHA) may allow down payments as low as 3.5%, subject to qualification guidelines. FHA loans require mortgage insurance premiums.
VA Loans
Loans backed by the Department of Veterans Affairs (VA) may allow eligible borrowers to finance up to 100% of the home’s value, meaning no down payment may be required. A funding fee typically applies.
Jumbo Loans
Jumbo loans — which exceed conventional loan limits — often require larger down payments. The specific amount depends on the loan size, property type, and borrower qualifications.
The exact down payment required for you will depend on your loan type, credit profile, property details, and overall financial picture. A licensed Mortgage Loan Officer can review your specific scenario and help determine the most appropriate options.