First-Time Home Buyer Down Payments
How much money do you have to put down as a first-time home buyer?
Regular loans usually require a 20% down payment on a home. First-time homebuyer programs like the FHA loan reduce this to as low as 3.5%.
The amount can vary according to the program on offer and to what extent you qualify for the grant.
Other key factors include:
Your credit score. A good credit score will lower your down payment, while a bad credit score will increase the down payment required
Loan amount. The down payment will increase along with the loan amount being requested
Loan term. The duration of the loan also impacts the down payment.
There are grants that can eliminate the cost of the down payment altogether. This means you won’t have to pay a down payment. (Such programs are available through federal, state, and local housing agencies.) VA loans also come with no down payment requirement.