An FHA loan down payment is one of the lowest down payments of any home loan options. This is one reason this loan is very popular with first time home buyers in Northern Virginia. However, there are also other options for low down payment loans, and this article will cover those.
FHA Loan Down Payment
The minimum down payment for an FHA loan is 3.5%, but a buyer can make a higher down payment if they want. The lowest conventional loan down payment is usually 5%, but there is a great zero down conventional loan option that has recently become available. If you’d like to learn more about it, email me at DarrenRobertsonHomes@gmail.com.
In Virginia, homebuyers have the option to convert a regular FHA loan into a zero down payment loan. It’s called the VHDA loan (although it’s commonly called the FHA plus loan).
What Are Your Options?
If you’re in the process of learning about FHA loan down payment choices and choosing which loan type would be best for your home buying needs, you should have a brief conversation with a lender. They’ll be able to discuss all of the advantages and disadvantages of each loan type that is available. For instance, with an FHA loan, your private mortgage insurance (PMI) payments continue for the life of the loan, whereas with a conventional loan, you can stop paying for PMI when the value of your Northern Virginia property increases to a point where you have a certain amount of equity.
Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com and I’ll put you in touch with a great “no pressure” lender. He’ll be able to discuss your FHA loan down payment options further, and whether or not this is the right loan for you. Mention that you heard about him on my website, and he’ll waive his loan fees!