Tuesday, March 25th, 2014 at 9:14pm
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?