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Friday, September 22, 2017

Can You Get a Home for Less Than 20% Down?

There are plenty of options for buying a home with less than 20% down. Here are a few of them.

Our friend Patrick Boehler from Velocity Lending is here once again to answer one of the most common questions he gets from homebuyers. The question is, “Do I need 20% down to buy a home?”

The answer is absolutely not, and the truth is that you have a ton of different loan options that require far less than 20% down.

"USDA and VA loans don’t require a down payment at all."

For example, USDA and VA loans don’t require a down payment at all. These loans do come with restrictions, however. VA loans are only given out to active duty military service personnel and veterans, while USDA loans are only given to homes in rural areas that are eligible for the program.

At the same time, you can get an FHA loan for as little as 3.5% down. Conventional programs, like Freddie Mac and Fannie Mae, can get you loans with 3% down. Patrick and Velocity Lending even have a 1% down conventional loan for well-qualified buyers as well.

Programs change constantly, and new ones are always coming out. If you have any questions for Patrick or want the latest news from the lending world, give him a call at (970) 672-0010 or send him an email to

If you have any real estate questions for us, don’t hesitate to reach out via phone or email anytime. We look forward to hearing from you.