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.