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How Much Do I Need To Save For A Down Payment On A House? [Video]

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The minimum down payment required for a house varies depending on the type of mortgage you’re planning to apply for:

0% down payment mortgages. Guaranteed by the U.S. Department of Veterans Affairs, VA loans usually do not require a down payment. VA loans are for current and veteran military service members and eligible surviving spouses. USDA loans, backed by the U.S. Department of Agriculture’s Rural Development program, also have no down payment requirement. USDA loans are for rural and suburban home buyers who meet the program’s income limits and other requirements.

As low as 3% down payment mortgages. Some conventional mortgages, such as HomeReady and Home Possible, require as little as 3% down. Conventional loans are not backed by the government, but they follow the down payment guidelines set by the government-sponsored enterprises — or GSEs — Fannie Mae and Freddie Mac.

As low as 3.5% down payment mortgages. FHA loans, which are backed by the Federal Housing Administration, …