Conventional Loans
What is the minimum down payment for a conventional loan?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
The minimum conventional down payment is 3% for eligible first-time buyers through programs like Conventional 97 and HomeReady. Repeat buyers typically need 5%.
With under 20% down you'll carry PMI, which drops off at 20% equity. We'll compare a low-down conventional against FHA to see which costs less monthly for you.
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