USDA 0% DP, some circumstances up to 3% DP
VA 0% DP
AHP 0% DP, some circumstances up to 3% DP
FHA 3.5% DP
Usually at least 20% DP, if not more, Conventional ONLY
The minimum down payment depends on the loan program. Both VA and USDA still offer 100% financing options. With an FHA or FHA 203K Renovation mortgages, the minimum down payment is 3.5%. For Fannie Mae HomePath financing, 3% is the miimum down. Most other conventional mortgages are going to require at least 5% down.
All of the above depend on your exact qualifications though. Getting Pre-Qualified should be your very first step in the home buying process.
Rodney Mason, NMLS #151088
Sr Loan Officer
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing