Down Payment Guide

New Home

Quick view of minimum down payments for a mortgage

The following are among the down payment loan programs being offered today. They range from Conventional, FHA, and 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

The Lowest Down Payments Allowed for Owner Occupied Properties
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
Conventional 97 3 Percent 680+ Yes* $647,200 SFR, Condo, Townhouse
Conforming 5 percent 620+ Yes* $647,200 SFR, Condo, Townhouse, 2-4 units
High Balance 5 percent 660+ Yes* $970,800 SFR, Condo, Townhouse,2-4 units
FHA 10 percent 500-579 Yes $970,800 SFR, Condo, Townhouse, 2-4 units
FHA 3½ percent 581 and above Yes, to 3 percent $1,867,275 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