Down Payment Guide
Overview of minimum down payments for a Mortgage Loan?
The following are among the down payment loan programs being offered today. They range from Conventional, FHA, VA loan programs. As a general rule, the down payment funds must be sourced.
The lender will want to know where it came from. If the source of funds cannot be proven through acceptable documentation such as a check draft, wire transfer, bank transfer, employment, your loan application may be denied.
See 5% Down and 10% down Mortgages Below
Keep in mind that this is not an offer for extension of credit or a commitment to lend. Loans are available if you are qualified. Borrowers are subject to credit and underwriting approval. Not all borrowers will be approved for financing. APR depends on your credit score and loan type either an ARM or fixed-rate mortgage.
Available for Purchase or Refinance
|Loan Product||Down Payment||Financing up to||Credit Score||Down Payment Gift Allowed?||Max Loan Amount||Eligible Property Types|
|Conv 97||3%||97%||680+**||Yes, blood relative ONLY||$484,350||SFR, Condo, Townhouse|
|Conv||5%||95%||620+**||No||$510,400||SFR, Condo, Townhouse|
|High Balance||5%||95%||660+**||No||$764,500||SFR, Condo, Townhouse|
|FHA||10%||90%||500-579||No||$510,400||SFR, Condo, Townhouse|
|FHA||3,5%||96.5%||620+||Yes to 3%||$764,500||SFR, Condo, Townhome,Duplex Triplex, Fourplex|
|VA||0%||100%||No minimum or 620+||Yes to 3%||$764,500||SFR, Condo, Townhome, Duplex Triplex, Fourplex|
|Bank Statement Only||35%||65%||No minimum or 680+||Yes||$2,000,000||SFR, Condo, Townhome, Duplex Triplex, Fourplex|
* Loan amount may be higher for 2 to 4 unit properties.
** If receiving gift for down payment, then credit needed is 720