What is the down payment required to get a mortgage these days?
Q: What is the down payment required to get a mortgage these days?
A: While some 100% financing may be available (no money down) for special circumstances, most borrowers can still put as little as 3.5% down and sucessfully purchase or refinance a home. To do so, you'll need an FHA-backed mortgage, available virtually everywhere. You can get a Fannie Mae or Freddie Mac loan with as little as a five percent downpayment, but you will need a mortgage insurance policy; depending upon your credit strength and the kind and location of the property you are looking to finance or refinance, these can be a challenge to come by with only a little money down.
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