The following are among the down payment loan programs being offered today. They range from Conventional, FHA, VA loans, Jumbo and Alternative Doc (without tax returns).
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 tranfer, employment, your loan application may be denied.
Review 5% and 10% down mortgages details 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 | Credit Score Needed | Gift Allowed | Maximum Loan Amount | Eligible Property Types | |
|---|---|---|---|---|---|---|
| * If receiving gift for down payment, then credit score needed is 720 ** 5 percent jumbo down payment up to $1.5 million with DTI less than 40 *** Non-qm loans need 20-30-percent down payment for loans above $1.5 million and 720+ credit scores. higher credit scores and/or higher down payments are needed for jumbo loan above $1,500,000 |
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| Conventional 97 | 3 Percent | 680+ | Yes* | $726,200 | SFR, Condo, Townhouse | |
| Conforming | 5 percent | 620+ | Yes* | $726,200 | SFR, Condo, Townhouse, 2-4 units | |
| High Balance | 5 percent | 660+ | Yes* | $1,089,300 | SFR, Condo, Townhouse,2-4 units | |
| FHA | 10 percent | 500-579 | Yes | $1,089,300 | SFR, Condo, Townhouse, 2-4 units | |
| FHA | 3½ percent | 581 and above | Yes, to 3 percent | $2,095,200 | SFR, Condo, Townhouse, 2-4 units | |
| VA | 0 | 620 and above | Yes, to 3 percent | No limit | SFR, Condo, Townhouse 2-4 units | |
| Jumbo | 5 percent** | 720 | Yes | $10,000,000 | SFR, Condo, Townhouse, 2-4 units | |
| Non-QM | 10 percent*** | 720 | Yes** | $10,000,000 | SFR, Condo, Townhome, Duplex, Triplex, Fourplex | |