What are the minimum down payments for conventional, FHA, and VA loans?
Conventional loans come in many forms now. There are programs that require 20% down to as little as 5% down. The most common conventional loans require between 5% and 10% down and will need to have Private Mortgage Insurance (PMI). An FHA loan requires a total of 3% down and does require mortgage insurance which is built into your closing costs and new loan payment. A VA loan requires no down payment but the borrower must be an eligible veteran. Ask me for details on any of these programs.
