Home Buying in 35952>Question Details

April Campbe…, Home Buyer in Attalla, AL

How much of a down payment do I need really for a $80,000 mortgage?

Asked by April Campbell, Attalla, AL Tue Mar 6, 2012

Help the community by answering this question:


It depends on the type of mortgage. FHA mortgages only require 3.5% USDA Loans are still 0% down. And conventional mortgages are generally 20% down. The best thing to do is to meet with a local mortgage lender (not a big bank, not Wells Fargo or Chase) and go over your options. If you don't know a lender who specializes in writing mortgages, call a local realtor and ask to be referred. Realtors are always happy to help.
2 votes Thank Flag Link Tue Mar 6, 2012
Down Payments depend first on is this is a primary residence for the borrower(s). Second on the mortgage program you are using:

Primary Residence

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
Conventional 5%


Usually at least 20% DP, if not more, Conventional ONLY
0 votes Thank Flag Link Tue Mar 6, 2012
Hi April,
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
Prospect Mortgage
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) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Tue Mar 6, 2012
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