The portion of a homes purchase price that is paid in cash and is not part of the mortgage loanThere are now many loan programs available that make it possible for you to buy a home with zero money down. There are also down payment assistance programs that can help, although many lenders won't allow the use of such programs.
Generally, the lower your credit score, the greater your down payment will be. Conversely, the higher your credit score, the lower your required down payment will be. This is just one more way that it pays to have a good credit score.
Down payments are usually 10 to 20 percent of the sales price on conventional loans, and no money down to 5 percent on FHA and VA loans.
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