How much money does it cost for a down payment on a house?
Well here is the classic answer… it depends. But I am going to give you some specifics don’t worry. It depends on the type of mortgage you are looking at:
- VA – for veterans
- FHA – for houses below $271,050 that meet some appraisal guidelines
- Conventional – no upper limit on price and fewer appraisal guidelines
Here are the minimums for down payments for these three options
*It is important to keep in mind that if you get a FHA loan you will have to pay upfront and monthly mortgage insurance. If you get a VA loan and are not disabled from the military, you will have to pay that VA funding fee upfront which is similar to mortgage insurance.
If you want to know what category you fit into or the specific appraisal guidelines, talk to a good local Realtor or lender.
Hope this helps and as always, thanks for reading,
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