What is the minimum down payment amount for a conventional loan?
What’s the minimum down payment required for homebuyers? The answer depends on the type of loan you apply for, but in today’s video, I’ll focus on conventional loans.
The minimum down payment for a conventional loan is 5% of the home’s purchase price. For example, if you’re buying a $200,000 home, a 5% down payment would equate to $10,000. That percentage can go up as far as 50%, 75%, or however much you can afford. Paying in cash is also an option. You’ll also have to contend with other fees, such as closing costs.
If you’d like to know more about what you can expect to pay for your down payment or have any real estate questions at all, don’t hesitate to reach out to me. I’d love to speak with you.