Down Payment Options
Down payment requirements depend on what area you are looking to buy, how much income you earn, how much money you have available, and if you are a qualifying veteran.
Green Family Mortgage can find a loan for almost everyone with 5% down or less if they are looking to buy a single family primary residence.
- 0%: Zero down loans are available to veterans OR if you plan to buy in a rural area and meet the moderate to low income requirements.
- 3%: Conventional loans for first time homebuyers are available for as little as 3% down regardless of where you are looking to live or how much you earn.
- 3.5%: FHA 3.5% down is an option available to most homebuyers.
- 5%: Almost everyone can qualify for a 5% down conventional loan product.
If you want to purchase a second home, usually a minimum of 10% down will be required.
Investment / Rental Property
If you are planning to buy a home as an investment with the purpose of renting it out, then you will need a minimum of 15% down to qualify.
*These options are all for single family stand alone homes. If you are thinking about a condo, manufactured home, duplex, triplex or more call us for more information: 503-887-7333.