The Marquee Loop: Mortgage Myths

Mortgage Myths: Separating the fact from fiction

The MYTH: You need to put a 20% down payment to purchase a home

The FACT: Not True, depending on the type of loan, the minimum down payment options are:

• VA- Zero down payment required
• Conventional First time buyers (those who haven’t owned a home in the past 3 years)- minimum down payment of 3%
• Conventional- minimum down payment of 5%
• FHA- minimum down payment of 3.5%

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*Marquee Mortgage LLC, is an independent, full service broker specializing in purchase money loans, refinances and creative lending solutions.