I wanted to give you a brief updated summary of various loan products and the minimum down payment for each…
Loan Programs…
VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.
USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.
FHA: The minimum down payment is 3.5%. Great rates, has upfront and monthly mortgage insurance.
Conventional: 3% down for first time home buyers, and 5% for non first time home buyers.
The bottom line:
1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program – very friendly to the borrower.
2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices.
Have a good day today!
…and thanks for reading.
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