I am often asked how much down payment is required to get a home loan now. While there is no set answer perhaps the best response is ..."it depends'. It depends on the type loan you want to take out. Is the person a Veteran? Currently on active duty? Is the home to be your primary residence or a second home? What is your credit score? These are just a few issues that are considered when a loan officer looks at a credit application. The final answer could be anywhere from no down payment required to 20% of the purchase price required. CLICK HERE to read an article on this subject by Realty Times.
If you would like to discuss applying for a home loan with a local lender, let me know and I can provide you with a list of experienced and knowledgable local loan officers.