The minimum down payment will be determined by the loan program, the type of occupancy, and your qualifications as a borrower.
Only two 100% Financing programs are currently available. One of which is the VA loan program. VA financing is only available for eligible veterans. The second 100% option is USDA financing. USDA loans do have geographic restrictions to rural areas though.
For FHA and FHA 203K mortgages, the minimum down payment is 3.5%. That down payment can be from the borrowerâ€™s own funds or a gift from a family member.
Conventional mortgages typically require at least 5% down for a primary residence. Any conventional mortgage with less than a 20% down payment will require monthly mortgage insurance. Second homes will require at least 10% down while investment properties will require at least a 20% down payment.
Fannie Mae offers special HomePath Financing for eligible HomePath properties. It is only 3% down for primary residence and 10% down for Second Homes and Investment properties. For someone owning 5-10 financed properties, a 25% down payment will be required for Second Homes and Investment properties. Those owning 11-20 financed properties would need a 30% down payment to purchase any additional Investment properties.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing