There are several types of mortgages out there to choose from. Different mortgages have different down payments.
Regular 30-Year Fixed Mortgage is a traditional mortgage that require at least a 5% down payment.
FHA Mortgage is a government-backed mortgage with a minimum down payment of 3.5%.
VA Loan is a government U.S. Veterans Affairs loan for U.S. military members and veterans home loans with zero down payment. The government does not actually make the loans, they just guarantee the loan through a mortgage lender.
USDA Loan is a government U.S. Department of Agriculture loan with a zero-down payment loan guarantee program for specific rural areas. The government does not actually make the loans, they just guarantee the loan through a mortgage lender.
Even if you are using VA or USDA loans, making a good size down payment will help cut your mortgage payment and you will not have to pay PMI (private mortgage insurance).
If you have questions on where to start or down payments please, Don’t hesitate to Contact Me!
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