Down Payments
Questions about funds needed to purchase.
Questions
How much do I need for a down payment?
As little as zero with programs like VA, USDA and DPA! The amount you need depends on the loan type. FHA loans may require as little as 3.5%, while Conventional loans often range from 3% to 20%. We’ll work with you to find a solution that fits your budget.
Where can down payment funds come from?
Depending on the program, funds may come from savings, the sale of another asset, retirement accounts, gifts or down payment assistance. Each source has its own documentation requirements.
Tell your loan originator early where the funds will come from so the paperwork can be prepared correctly.
Are closing costs the same as the down payment?
No. The down payment is applied to the purchase price, while closing costs cover items such as title, recording, prepaid amounts and lender fees.
Your Loan Estimate and Closing Disclosure show these amounts for your specific transaction.
Related programs
VA Loans
VA home loan information for eligible veterans, active-duty service members and surviving spouses, from the team at Boss Mortgage.
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USDA Loans
USDA home loan information for buyers in eligible rural areas, with guidance from a licensed Boss Mortgage loan originator.
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FHA Loans
How FHA mortgage financing works, the scenarios it often suits and how to review it with a licensed Boss Mortgage loan originator.
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Conventional Loans
Learn how conventional mortgage financing works, who it may suit and how to talk it through with a licensed Boss Mortgage loan originator.
Learn more →Still have a question?
Every situation is different. We’ll help you understand your options and what may fit your goals.
This page is general information about mortgage financing and is not a commitment to lend, an offer of credit, or financial or legal advice. Program availability, guidelines and requirements are set by lenders and investors, can change, and depend on your individual circumstances and the property. Talk with a licensed Boss Mortgage loan originator about what applies to you.
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