Do I need 20% down to buy a home?


January 8, 2019

Grant Dean

Questions over coffee – “Do I need to have 20% down payment to buy a home?” No. There are several loans available that do NOT require 20% down. FHA loans require 3.5% down, conventional loans most times are 5% down, VA loans for military veterans are 0% down and in some “rural” areas you can still get USDA loans which for 0% down. Remember however, in addition to down payment buyers will have closing costs. For example on a home that costs 245K with 5% down a buyer will have a $12,250 down payment with approx $5600 in closing costs for a total $17,850. If you’re renting right now, call me and lets make a plan to get you into a home for 2019. #buyingahome #stoprenting #loans