I am at the train park in Scottsdale, located at Indian Bend and Scottsdale Road. This is a popular location where families bring their young children to play and ride on the train. A common question amongst young families is how to buy a home, and how much down payment is needed.

The best loans in terms of repayment require a small down payment. If you have excellent credit, a conventional loan requires as little as 3% down. If you have less than perfect credit, a FHA loan requires 3.5% down. There are some lenders offering 1% down, but there are specific criteria you would need to meet to qualify. There are also down payment assistance programs where you do not have to make any down payment at all, but these programs tend to have higher rates and costs. If you are a veteran, 100% financing is available. Also, if you live in a rural area, you may be able to qualify for a USDA loan, which also allows 100% financing.

If you are looking to buy a home, and want to know how to get started and your down payment options, give us a call, we can help.