Latest Down Payment Requirements

Mortgage and Lending with The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. NMLS #241555

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!!!


Make sure you check out our web site:


And check out all our great tips on our blog at:


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.


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Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Is there still a requirement that the purchaser have 5% of "their own money" in a conventional financed transaction???


Oct 17, 2012 08:43 PM #1
Chris Thomas
The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. - Denver, CO

Lenn - Fannie Mae only requires a 3% down payment.  Everyone seems to think that it's 5%, but it's only 3%. 

Fannie Mae also allows the entire down payment to be a gift from a relative, employer, etc.  However, most of the lenders have underwriting overlays that say that the purchaser have at least 3% or 5% of their own money in the transaction.  GMAC Mortgage (Ally Bank) allows just 3%.  That's the lender we use for these transactions. 

You also need to be concerned with the underwriting guidelines of the mortgage insurance companies.  3% is the minimum amount that they say has to come from the borrower's own funds as well. 

So to answer your question, a purchaser only needs 3% of their own money.

Hope this helps.


Oct 17, 2012 11:58 PM #2
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