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Saving For Down Payment
How much should I save for a down payment?
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1 Reply
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FHA LOANS require a 3.5% down payment on the home purchase. Conventional loans require a 3.5% down payment for first-time homebuyers and a 5% down payment for the buyer if they have owned a house in the past five years. A first-time home buyer hasn’t owned a house in three years. VA and USDA loans require no money down. NON-QM MORTGAGE LOAN requires between 10% and 20% down payment on a home purchase. Closing costs can be covered with seller concessions or lender credit or combination of both. Gustan Cho Associates had down payment assistance programs where the down payment is covered and is forgivable after six months.