Down Payment Requirements For Different Mortgage Loan Types

1. Down Payment Requirements For Different Mortgage Loan Types A down payment is a percentage of total purchase value of the home that has to be paid by the home buyer. Different mortgage types have different minimum down payment requirements. VA Loan VA Loan programs are designed to help veterans get homeownership without the requirement of a down payment as they allow for 100% financing. USDA Loan There is no down payment requirement to apply for a USDA Loan for buying homes in rural areas. FHA Loan Down payment requirement for FHA Loan is based upon credit score. If credit score lies between 500-579, minimum 10% down payment is required. If credit score is 580 or above, 3.5% down payment is required. Conventional Loan Conventional Loans allow for down payment as low as 3%. However, a home buyer has to buy PMI, if down payment is lesser than 20%. These are the minimum down payment requirements. Home buyers can choose to pay more than the minimum value to reduce the loan amount. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com