
August 31, 2017
Do I Have To Make A Down Payment On An FHA Mortgage?
One variation of a commonly asked question about FHA home loans is, “Do I have to make a down payment on an FHA mortgage?” This question gets asked sometimes in reference to other government-backed loans that feature no down payment (available via a Department of Veterans Affairs program offered to qualifying military members and certain military spouses only). FHA home loans do require money down-the borrower’s minimum required investment is 3.5% of the adjusted value of the home. But there are situations where more money down may be required. Credit Score Issues Potential FHA borrowers who have credit scores outside the standard required scores (580 or higher for the FHA program minimums, though lender requirements may be higher) will be required to put more money down. This applies to borrowers | more...