The minimum you need for a down payment will vary based on the loan program you qualify for.
For conventional loans, your down payment can be as low as 3% of the purchase price, though only part of the money down can be a gift from your parents, relatives, or your employer.
With FHA loans, 100% of your down payment can come from gift funds, and your down payment can be as low as 3.5% of the purchase price.
It’s also important to know that if your down payment is less than 20%, your monthly payment may include mortgage insurance.
At Newfi we offer multiple options for low down payment mortgages, so call us at (888) 316-3934 and we’re happy to compare your options.