What You Need To Know About Down Payments Fannie Mae
Table Of Content Benefits of making a larger down payment Business loans and lines Average Down Payment by State Loan program Why Lenders Typically Require A Down Payment Are there other costs to be aware of when buying a home? In 2024, that means any conventional loan that exceeds $766,550 in most markets — though high-cost areas have higher limits, up to $1,149,825. Because of their size, jumbo loans typically require 10 percent down or more. FHA-insured loans require a down payment of some kind, although you can apply grants and down payment assistance benefits to offset this cost. Some qualifying mortgage programs include an FHA 203(b) purchase loan and the FHA 203(k) rehab loan. Participating national banks and credit unions may also offer first-time home buyer grants. Benefits of making a larger down payment You may need to reduce your target home price accordingly if you plan to put less than 20% down. Here’s what those median down payment percentages look like for a h...