How much down payment do I need in Washington DC?

A common misconception is that you’ll need a 20% down payment to receive mortgage financing for a home purchase.  You can actually get a loan with as low as 3.5% down, or 0% down if you are a VA eligible veteran.


Specifically for first time buyers, there are actually programs based on the city or county you are buying in which may even help you reach that 3.5% requirement.


One thing to keep in mind though, the more money you put down, the better financing terms you will get.  The terms improve at every 5% interval off of the sales price.


Next topic: What are acceptable forms of a down payment?