Home Loans
How much do I need for a down payment?
Context
Down payment size is often the biggest perceived barrier to buying a home.
The short answer
The minimum differs by program. VA and USDA program guidelines allow no down payment for eligible borrowers and eligible properties. Conventional and FHA each have a published minimum that is lower than many buyers expect, and individual lenders can require more.
Things to keep in mind
Exact requirements are set by the lender and the loan program, not by us. Gift funds from an eligible donor may also be used toward your down payment, subject to lender requirements.
Next step
Contact us to walk through which loan option fits your down payment and situation.
Have a question about your own situation?
Davis Monroe Financial LLC serves Minnesota homebuyers and homeowners. You complete one application. We compare the wholesale lenders on our panel and submit your file to the one that fits it best, and each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.