How Much Do I Need for a Down Payment?

Down payments depend on the type of loan that you're getting.

There are some programs where you need no-money down however, you got FHA loans where you need three and a half percent down and conventional loans where you can get 3% to 5% down.

So down payments really depend on the type of loan that you're getting, so it's important to talk to your mortgage lender.

Find out what the best program is for you and what's going to fit into your budget for a down payment and monthly payments.

Keep in mind when you talk about your down payment don't forget to talk about your closing costs because that's in addition to the down payment.

So when you're buying a house you don't have to just make a down payment but you also have closing costs to come up with and that could be anywhere from 3% to 7% of the purchase price.

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