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  • Services
    • Tax Preparation
    • Home Loans
    • Personal Finance Coaching
  • About Us
    • Meet Chad
    • Meet Emilie
    • Chad's Story
  • Client Resources
    • Tax Resources
    • Home Loan Resources
    • Financial Coaching Resources
  • E-News
  • Client Reviews
  • Contact Us
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Down Payment Options

Making Finances Simple. Changing Lives.
While some homebuyers have a substantial down payment for their home purchase due to proceeds from an existing home sale, not all are able to put down as much money. It can be difficult to save a large amount of money. In addition, some folks prefer to not invest in a heavy down payment for leveraging, or other reasons. So what options are available for low down payments?
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VA Loans
The Veteran's Administration has the best of all home loans...no down payment required and with great rates! Of course, you must be eligible for a VA loan to receive this benefit. Most members of the military, veterans, reservists, and National Guard members are eligible to apply for a VA loan. Spouses of military members who passed away while on active duty or because of a service-connected disability may also apply. With VA loans, it is possible to purchase a home with less than $500 total out of pocket!

FHA Loans
FHA allows for down payments as low as 3.5%. Not only does FHA allow for low down payments, but FHA is also flexible with credit score guidelines, allowing for lower credit scores than most conventional loans. The downsides to FHA loans are the mortgage insurance premiums (upfront and monthly), as well as limitations on purchases of some condos.

Conventional Loans
Fannie Mae and Freddie Mac loans allow for as little as 3% down payment. However, these loans come at a much higher cost than the more common 5% down option. Conventional loans have options for lender-paid mortgage insurance, which essentially allows you to finance the mortgage insurance in the rate, which often results in a lower payment and favorable tax benefits. 


Contact us if you have questions about your specific situation regarding down payment amounts and the corresponding home purchase possibilities. We're happy to help!

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​​Copyright © 2022 Chad Peshke LLC, All rights reserved. NMLS #2244878. Material contained in this website is for informational purposes only and is not meant to be construed as direct financial advice for your specific situation. It's recommended that you consult with your own advisors for personalized financial guidance. Since we're not licensed attorneys, we cannot provide legal advice. As such, any info contained in this website should not be construed as direct legal advice. While Chad Peshke LCC is registered/approved with CA & ID, the trade name "CP" is not approved to be used in ID. This has no impact on our ability to legally do business in CA & ID as Chad Peshke LLC.