How Much Do I Need for a Down Payment?

 

VA Loans:

A VA Loan is the only true 100% financing available on the market today.  In order to qualify for a VA loan you must have served in the military.  If you served enough years or served in a war zone you may be eligible for a loan where you are not required to put any money down for a down payment.  Your loan officer can help you determine if you are eligible.   VA loans can be financed up to $453,100, for 100% financing.  If you buy a home that is more than $453,100 than you simply have to put 25% down of the difference between purchase price and the loan limit of $453,100.  For example if you buy a home for $553,100 that is a difference of $100,000 therefore you would have to have a down payment of $25,000.

 

FHA Loans:

FHA Loans require a minimum of 3.5% down, which means for every $100,000 hat is $3,500.  FHA current loan limit for the Las Vegas area is $294,515.  Please check your local area because the FHA loan limit is different for different areas of the country.

 

Conventional Loans or Conforming Loans:

The minimum down payment required for a conventional or conforming loan is 3%,  so for every $100,000 that is $3,000.  They also have 5%, 10%, 15%, 20% or anything in between or more than 20%.  To avoid mortgage insurance you would require to put down 20% or more.  The conforming loan limit in the Las Vegas area is $453,100.  Please check your local area to see what your loan limit is for your area.

 

If you would like to know more or get pre-qualified for a loan please fill out the form on this page or contact Bruce Singer with Vision Home Mortgage at 702-217-5525.