Minimum Down Payments

Written By Emily Ruth Cannon

Down payment talk again. Yesterday, I discussed averages. Today, minimums. These are your minimum down payment options:

  • 10%: For an FHA loan, you’ll need 10% and a credit score of 500 to 579.

  • 3.5%: If your score is a little higher (580+), 3.5% will do for an FHA loan.

  • 3%: A conventional loan owned by Fannie Mae or Freddie Mac requires as little as 3% down.

    0%: Qualify for a VA loan or a USDA loan? That’ll be zero dollars down, please. High-five!

PMI, FHA, VA, USDA….choosing the right loan and down payment doesn’t have to be confusing. Again, don’t let this be THE answer. Let’s chat if you’re on the fence; I am so happy to connect you with my fantastic lender partners so we can make a plan.

Emily Ruth Cannon
Previous

North Texas Wineries
Next

National Average Down Payment