How Much Down Payment Money Do I Need for a Mortgage?
As a Sacramento mortgage broker, I get asked this question a lot during the prequalification process.
First, what is a down payment? It's a percentage of the purchase price which is paid at the time the home is purchased.
Here is a helpful list of how much you can finance with each of these loan products:
- Veteran's Administration (VA) loans: up to 100% financing*
- U. S. Department of Agriculture (USDA) loans: up to 100% financing*
- Specific rural areas; a list is also available
- Income restrictions on eligibility
- Federal Housing Administration (FHA) loans: up to 96.5% financing*
- CalHFA: 99% financing*
- Special financing programs for first-time buyers in 300+ localities (varying down payment amounts)
- Income restrictions on eligibility
* Based on the lesser of the sale price or appraised value.
Remember that each loan and down payment assistance product has specific guidelines; please call me at 916-849-9200 for details!
Related Post:
Down Payment Assistance Grant Program Now Available in California
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