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HomeLight Home Loans

Which down payment is right for you?

 Conventional LoanFHA LoanVA LoanJumbo Loan
Minimum down payment3% (with PMI) to 20% (without PMI) of home price3.5% of home price0% of home priceAt least 10%
Minimum credit score620-660580No minimum680-720
Mortgage insurance feesNone if you decide to put down 20% or more. 0.5% to 1% for anything below1.75% of loan amountNo PMI, but upfront funding fees of 1.25% to 3.3% of loan amountNone if you decide to put down 20% or more. 0.5% to 1% for anything below.
Suitable forBuyers with higher credit scores and higher down paymentsBuyers with lower credit scores. Particularly helpful for first time home buyers or homebuyers who need down payment assistanceMilitary service personnel or family membersBuyers that require loan amounts that exceed the limits for their county. Needs a higher credit score and a low DTI to qualify

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How to save up for a house

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