32006: How much do I need to put down to buy a home? Just the facts about downpayment requirements.
- 04/07/11 02:30 AM
Don't we have to put 20% down? This post is inspired both by Gene Mundt's post NO MORE RUMORS! Just the facts about downpayment requirements and this very question asked by buyers I work with often. Here is what I know about various downpayment options: 1. Conventional Financing - 5-10% downpayment; even 0% downpayment if you are a doctor, lawyer, CEO or CFO. This is a portfolio loan from a local lender. Conventional financing for condos or investment properties is 20-30% if the property qualifies for conventional financing. 2. USDA Financing - 0% downpayment; that's right, 100% financing is available (2 comments)
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