Home Buying Tip: Exploring Down Payment Options

When buying a home you have several options in regards to your down payment amount. Make sure to find the right fit for you by talking to a professional mortgage lender. Here's a brief overview of your options:

  • VA Loans: zero down payment
  • FHA: minimum of 3.5% down payment

    • With a FHA loan, you may qualify for CHFA assistance. If you qualify, CHFA will pay the 3.5% down payment

  • USDA Loans: these loans are available for zero down payment in certain areas

  • Conventional Loans: minimum of 5% down