Minimum Mortgage loans Down-Payment - Berkshire Lending

 I wanted to give you a brief updated summary of various loan products and the minimum down payment for each…

Loan Programs…

VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.

USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.

FHA: The minimum down payment is 3.5%. G


reat rates have upfront and monthly mortgage insurance.

Conventional: 3% down for first-time home buyers, and 5% for non-first-time home buyers.

The bottom line:

1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise, FHA is a wonderful loan program – very friendly to the borrower.

2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices.

Have a good day today!

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