FHA and Conventional Guidelines on Down Payments
FHA requires as little as 3.5% down against a home's purchase price. If you are purchasing a home for $200,000, your down payment would be $7,000. There are also conventional loan options with down payments ranging from 20%, 10%, 5%, and 3%. A down payment may come from the buyers own cash or from a gift from a relative, legal guardianship or domestic partner. If you are considering buying a home in the Jackson, Madison County area, call The Peggy Graves Team at 731-664-2342. We can recommended several reputable mortgage companies in Jackson that can provide you with the help you need in getting the loan process started.