This is a YouTube video titled "WHAT'S THE REQUIRED AMOUNT FOR A DOWN PAYMENT?!" containing a detailed explanation about down payment requirements for various types of home loans, including conventional, FHA, VA, and USDA loans. The speaker discusses factors affecting down payment amounts such as credit score, loan type, and first-time homebuyer status. The content is educational and focused on mortgage financing options.
How much is required for the down payment on your new home loan? This could depend on a couple different factors including the credit score and the type of loan. For example, conventional financing generally requires a little bit higher credit score. High six hundreds into the seven hundreds they start with a 5% down payment. But there are options. If you're a first time home buyer or if your income is within the limits you can do 3% or even have down payment assistance. Conventional options. FHA normally starts at 3.5% down but there are down payment assistance options. There are VA loans where you can do 0 down. USDA loans where you can do 0 down. If you're doing a second home or investment property, those down payments go up. So the moral of the story is there is a lot of factors. We have to kind of assess that and diagnose it just like a doctor would when they're diagnosing things on the operating table. Then we can put together your best game plan for your down payment.
