What is the minimum down payment for conventional, FHA, and VA loans?
As a general rule, conventional loans are available with a minimum down payment of 5%. FHA loans are available with as little as 3-5% down. With VA loans, veterans are not required to put any money down when purchasing a home. Veterans are still required to pay for their closing costs, which includes a VA funding fee and prepaid items.
While conventional loans (those not backed by a government agency) usually require a minimum down payment of 5%, Wells Fargo Home Mortgage has low- and no-down payment programs available. FHA mortgages from Wells Fargo, insured by the Federal Housing Administration, are available for as little as 3.5% down. VA mortgages from Wells Fargo, guaranteed by the Department of Veterans Affairs, have a no-down payment option for eligible veterans buying a home. Please contact a Wells Fargo Home Mortgage consultant for specific down-payment requirements and programs.
Currently there are conventional loans available with 100% financing (no down payment) and only require $500 out of pocket. FHA loans are available with as little as 3% down. With VA loans, veterans are not required to put any money down when purchasing a home. Veterans are still required to pay for their closing costs, which includes a VA funding fee, and prepaid items. These costs may be negotiated into the price of the home. Please consult your individual lender for specific down payment requirements and programs.
As a general rule, conventional loans are available with a minimum down payment of 5%. FHA loans are available with as little as 3.5% down. With VA loans, veterans are not required to put any money down when purchasing a home. Veterans are still required to pay for their closing costs, which includes a VA funding fee, and prepaid items. Please consult your individual lender for specific down payment requirements and programs.
As a general rule, conventional loans are available with a minimum down payment of 5%. FHA loans are available with as little as 3-5% down. With VA loans, veterans are not required to put any money down when purchasing a home. Veterans are still required to pay for their closing costs, which includes a VA funding fee, and prepaid items. Please consult your individual lender for specific down payment requirements and programs.
