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You don’t need to put 20 percent down to get a mortgage — some mortgages don't even require a down payment. ... Second homes and investment properties: 10 percent to 25 percent.
FHA down payment: At least 3.5 percent down if your credit score is at least 580, or at least 10 percent down if your credit score is between 500 and 579 FHA debt-to-income (DTI) ratio: At most 43 ...
Here’s what to know if you’re looking for a mortgage with a low down payment requirement. ... Minimum credit score: 580 with 3.5 percent down; 500 with 10 percent down.
Key takeaways. FHA loans require a minimum 3.5 percent down payment for borrowers with a credit score of 580 or more. Borrowers with a credit score of 500 to 579 need to put 10 percent down.
If you’re buying a $400,000 home, for example, and putting 10 percent down, you’ll take out a mortgage in the amount of $360,000: $400,000 minus 10 percent of that, or $40,000.
Down payment: 3.5 percent (or 10 percent with a credit score between 500 and 579) ... 43 percent. For FHA mortgage applicants, another significant factor is their DTI, ...
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