• Conventional loans allow as little as 3%.

• FHA allows 3.5%.

• VA and USDA loans offers 0% down options.

• Non-Traditional programs can be between 10% and 30% depending on the program.

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Even though these programs have attractive down payment options, keep in mind that this is NOT the total cost to close your loan. You also must account for closings cost when budgeting.

There are two types of mortgage insurance depending on your loan program.

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Private Mortgage Insurance (PMI)

• Conventional loans.

• Required on down payments less than 20%.

• Can be removed.

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Mortgage Insurance Premium (MIP)

• FHA loans 

• Required regardless of your down payment size.

• Can only be removed with refinancing to conventional.

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Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.

Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.

Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.

Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.