What are my Down Payment Options?

  • Megan Tomasello
  • 09/19/21
Staring DOWN a DOWN payment? Don’t flinch—you’ve got options!
 
20 percent down: If you can swing it, putting 20% down has its benefits like lower payments, more equity, and no PMI.⁣

10 percent down: For an FHA loan, you’ll need 10% and a credit score of 500 to 579.⁣

3.5 percent down: If your score is a little higher (580+), 3.5% will be for an FHA loan.

3 percent down: A conventional loan owned by Fannie Mae or Freddie Mac requires as little as 3% down.

0 percent down: Qualify for a VA loan or a USDA loan? That’ll be zero dollars down, please. High-five!⁣

PMI, FHA, VA, USDA….choosing the right loan and down payment doesn’t have to be confusing. If you’re researching your options and have questions, reach out. I’d love to point you in the right direction!⁣

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