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
Down payment requirements depend on the loan type. Conventional loans can start at 3% down, FHA requires 3.5%, VA loans require no down payment for eligible borrowers, and USDA can allow 0% down in eligible rural and suburban-edge areas.
Things to keep in mind
Exact requirements are set by the lender and the loan program, not by DMF. Gift funds from an eligible donor may also be used toward your down payment, subject to lender requirements.
Next step
Contact DMF to walk through which loan option fits your down payment and situation.
Have a question about your own situation?
DMF serves Minnesota homebuyers and homeowners. We submit your purchase or refinance file to multiple wholesale lenders and compare what 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.