Down Payments, Information Center
Down Payments For Home Loans
May 7, 2009 by Mortgage Align · Leave a Comment
Choosing the right down payment for a home loan will depend on many factors. It is always a good idea to not empty your savings into a down payment. Make it comfortable and keep your cash reserve for emergencies or future home improvements. For a FHA loan, you need to have 3.5% of the purchase price saved for your down payment. For a conventional loan, you’ll need around 10% of the purchase price for your down payment. There are still no down payment home loans available if you can qualify for a VA loan or USDA loan that offer mortgage down payment assistance.
