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Cynthia Chakurian-Lum
Cynthia Chakurian-Lum Realtor

BRE#01329008
Guarantee Real Estate
559-287-8973
Contact Me

How Much of a Down Payment do you need

Here’s what you want to know if buying a house is in your future. In the mortgage industry, 20% down is considered the benchmark down payment for looking strong on paper as a home buyer. While this a general standard for financial strength, it is by no means a requirement, nor is it necessarily expected.

*For an FHA loan, the minimum down payment you would need to buy a home is 3.5% down.
*Another popular choice for buyers is using a conventional loan with 5% down.
*Two options exist for 0% down financing, one being through the U.S. Department of Veterans Affairs. The program allows a veteran to purchase a house for literally no money down. Yep, the purchase price and loan amount are equal.

All of these options allow for the use of gift funds. Family members, cousins, relatives – these are all excellent sources to tap for possible down payment or closing costs (usually about 2% of the home price). Even if you already own a home and are looking to upgrade, all of these programs could present a viable option to bridging the gap between buying a home for the right price in the right area of vs. continuing to be on the search.

Copyright 2017 Fresno Multiple Listing Service. All rights reserved. The data relating to real estate for sale on this site comes in part from the Broker Reciprocity/IDX program of Fresno Association of REALTORS. Information provided is deemed reliable but not guaranteed. Individuals are advised to verify facts that are important to them. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Fresno Association of REALTORS does not create, control or review the property data displayed herein and take no responsibility for the content of such records. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purshasing.Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Last Updated On: 2017-09-20.


Cynthia Chakurian-Lum Realtor | 559-287-8973 | Contact Me
BRE# 01329008
3 River Park Plc East - Fresno, CA 93720
Copyright © 2017, All Rights Reserved