How much money will I need for my down payment? EZ Mortgages & loans in Boston

How much money will I need for my down payment?

  Your down payment amount varies depending on your loan program. Here are some common programs with their approximate required down payments:
  Fannie Mae and Freddie Mac may allow as little as a 0% down payment. These are new programs (since early 2001) and have become popular for those conserving cash. Unlike some other ZERO down programs, there is not an income limit and the loan amount is the conventional maximum (currently $322,700).
  The Community Home Buyer program may allow as little as a ZERO down payment.
  Some lenders will do an 80% loan with the seller carrying the other 20% so you could in effect purchase with no down payment.
  FHA may allow roughly 3% down, however all of that 3% can be a gift from a family member.
  VA is a true 100% loan-to-value loan and the seller can pay all the closing costs which means you could purchase a home with no down payment.

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Mark Alsyts - Senior Loan Officer
Centurion Funding Corp. of America
162 East Main St. Avon, MA 02322