FHA Loan

FHA loan

The down payment for an FHA loan is 3.5%. As an example, 3.5% of a $400,000 purchase price is a $14,000 down payment. FHA loans are used to purchase a primary residence.

Conventional 3%

Conventional loan 3% down

The down payment to purchase a primary residence with a Conventional loan can be 3% if you are a first-time homebuyer or have not owned a home in the last 3 years and qualify with this 3% down payment. As an example, 3% of a $400,000 purchase price is a $12,000 down payment.

Conventional 5%

Conventional loan 5% down

The down payment to purchase a primary residence with a Conventional loan is 5% if you have owned a home in the last 3 years. As an example, 5% of a $400,000 purchase price is a $20,000 down payment.