I am often asked how much money is required for a down payment?  Well that really depends on the type of loan you are going to get.  There is little as no money down to as much as you want to put down.  But I will tell you the basics of down payments within the type of loan you are applying for.

The only true no money down payment would be a VA loan.  A VA loan requires someone to put no money down while buying a home.  Of course you must be a Veteran or someone who is on active duty to be able to get a VA loan.

FHA is another type of loan where the minimum amount down would be 3.5% of if you are buying a $100,000 home that would be a down payment of $3,500.  This down payment can come as a gift from a family member.

Conventional loans these day require a minimum of 3% down.  That same $100,000 home would mean you would have to come up with $3,000.  Of course this has to be your own money can not come from a gift.  On a Conventional loan if you are putting less than 20% down at least 3-5% has to be your own money and can not come from a gift.  If you are putting 20% down all of the money for the down payment can come from a gift.  On a Conventional loan anything less than 20% down would require mortgage insurance.

If you would like to know more please fill out the form on this page or give me a call.  702-217-5525