Here are the latest down payment requirements for mortgages in the US:
Primary residence (your main house):
- 3% for conventional loans
- 3.5% for FHA loans
- 0% for VA loans
With primary residences, you can get a gift from a relative to cover the down payment!
Second homes (a second home that you do not rent to others):
- 10% for conventional loans
Investment properties (houses that you rent to others):
- 20% for conventional loans
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!
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By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.