How much do we need as down payment?
For conventional financing, a down payment of at least 3-5% of the purchase price is generally required.
The minimum amount required to cover down payment (and closing costs) depends on many factors, including but not limited to:
- First-Time Home Buyer status
- Target purchase price
- VA eligibility (Veterans, Active Duty Service Members, and family members)
As part of our process, CoBuy-certified™ Lenders help CoBuyers to navigate available options and to determine the mortgage of best fit.