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In accounting, a down payment (also called a deposit in British English) is an initial up-front partial payment for the purchase of expensive goods or services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction .
What is the minimum down payment for a house? For conventional loans, the minimum mortgage down payment is 3 percent. FHA loans require a down payment of 3.5 percent with a credit score of 580 or ...
Conventional loan: 3 percent down payment. The down payment requirements for a conventional loan on a primary residence vary depending on the lender, the borrower and the property type. For ...
Deferred payment loans: Like forgivable loans, a deferred payment loan is a second mortgage with a zero percent or low interest rate that you can use for a down payment. However, you’ll need to ...
Down Payment Resource: Down Payment Resource, a private company, provides various resources for homebuyers, real estate agents and lenders, including an eligibility and assistance lookup tool. FAQ.
A down payment is a one-time upfront payment you make toward the purchase of your home. Although there are exceptions, you can expect to pay a down payment of between 5% and 20% of the purchase price.