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What is the minimum down payment required to obtain a mortgage?

April 26, 2017down payment minimum mortgage obtain

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What is the minimum down payment required to obtain a mortgage?

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We do offer programs with 100% financing, but the amount of down payment will affect your loan rate offer. It used to be normal to expect a 20% down payment (that is 20% of the home’s sale price). We now recommend that you aim for at least a 5% down payment if you want to get a good fixed-rate loan. Then again, higher down payments might improve your loan’s interest rate. Please go to this link for more information on the costs of closing and down payments.

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The minimum down payment required to obtain a fixed rate first mortgage is 5% of the sale price of the home.