How Much of a Down Payment do You Actually Need?

Good information here. You can put down as little as 3.5% as a down payment on a house for a FHA loan and 5% for a conventional loan when buying a house.

the HILTON HEAD LIFE

How Much of a Down Payment do You Actually Need?
Ric Hollifield | 16.July.2014

A recent survey by Zelman & Associates revealed that 38% of those between the ages of 25-29 years old and 42% of those between the ages of 30-34 years old believe that a minimum of 15% is required as a down payment to purchase a home. A recent questionnaire administered by Freddie Mac showed that over 50% of all respondents thought 20% was required as a down payment.

In actuality, a purchaser may be able to put down far less.

Freddie Mac, in a recent blog post addressing the issue, confirmed that there is misinformation regarding the amount necessary when determining the down payment for a home purchase:

“Did you know 40 percent of today’s homebuyers using mortgage financing are making down payments that are less than 10 percent? And how about this: since 2010, the…

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