Are you a Veteran? If so, then 0%.
If not, the minimum down payment for a First Time Home Buyer is 3% and for a Repeat Home Buyer it is 5%.
There is an exception to this if you are purchasing in eligible Rural area, if you are, then you have the option for 100% financing and you’ll want to look up the term “USDA loan eligibility map” for eligible areas
Minimum Down Payment Requirements are:
- 0% for Veterans
- 0% if buying in approved rural areas, look up “USDA loan eligibility map”
- 3% for First Time Home Buyers
- 5% for repeat Home Buyers
- 15% for Real Estate Investors (we recommend 20%+ for better loan terms)
- 10% for Vacation Homes (we recommend 20%+ for better loan terms)
