Here are the required down payments for various types of loans.
For conventional (non-government) loans:
- 5% down for a primary residence (3% is allowed, but the rates are higher and the mortgage insurance is higher)
- 10% down for second homes
- 20% down for investment properties
For FHA loans (primary residences only):
- 3.5% down - can be a gift from a relative of the borrower
- $100 down if the property is a HUD home and the offer is for the full price
For CHFA loans (primary residences only):
- $1,000 minimum investment by the borrower - can be a gift from a relative of the borrower
VA loans (primary residences only):
- 0% down
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