The Sapp Team

While many believe a 20% down payment is required, it’s far from the only option. See our down payment guide below to have an idea of how much you may need to save. Click the option that best fits your scenario.

0% The VA and the USDA both offer a zero down loan program for individuals and/or properties that meet their criteria. Sometimes, loans require little or no cash out of pocket. Some HUD properties are available with as little as $100 down.

3% - 3.5% Fannie Mae / Freddie Mac conventional loans are available with down payments as low as 3% for credit qualifying first time home buyers. ​ The FHA loan program allows as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores.

3.5% - 5% The FHA loan program allows as little as 3.5% down, you do not need to be a first time home buyer. ​ Fannie Mae / Freddie Mac conventional loans are available with down payments as low as 5%. The minimum changes based on property type, credit score, occupancy, etc.

10% A second home is a residence that you intend to occupy in addition to a primary residence for part of the year. (Example: A vacation home, a property in a city where you frequently conduct business, etc.) The minimum down payment requirement for 2nd homes is 10%.

15% - 25% Fannie Mae / Freddie Mac conventional investment loans are available with a minimum 15% down payment for a 1 unit rental property. 2-4 unit properties typically require a 25% down payment.

2% - 3.5% Closing costs are items paid at closing for the parties involved in a real estate transaction. This includes prepaid interest and taxes/insurance to set up your escrow impound account.