A down payment is the part of the purchase price you pay in cash at settlement. Your loan covers the rest. The amount you need depends on your loan type, so ask your lender before you shop.
Typical minimums
- Conventional: as low as 3% on some programs.
- FHA: commonly 3.5%.
- VA and USDA: often no down payment for eligible buyers.
These are general ranges. Your credit, income and the loan program decide what you qualify for.
What a larger down payment changes
- A smaller loan and a lower monthly payment.
- On conventional loans, less than 20% down usually means mortgage insurance.
- It can also change how much a seller may credit you. For conventional loans on a primary home, the cap is 3%, 6% or 9% of the price depending on your down payment. See what a seller credit is.
It is not your only cash
You also need closing costs, your earnest money deposit, inspection fees and moving costs. Lenders also check where your down payment came from, so keep your statements and avoid large unexplained deposits.
Part of our guide to making an offer in Virginia.
Talk to Glenn and Gift before you sign
Questions about your offer or contract? Call 703-707-0334 or send us your question.
General information for Northern Virginia buyers, not legal or financial advice. Loan rules change. Confirm with your lender. Your contract controls.
