How much down-payment do I need?

The minimum down payment amount that you’ll need to purchase a home will depend primarily on the type of home loan that you are applying for and the type of property you are buying. In this entry, we’ll look at the three most common types of loans (FHA, VA and conventional) and find out what the minimum down payment requirement are for each.

FHA Loan

When applying for an FHA, you will need a minimum middle credit score of at least 580. Keep in mind that if you have had any foreclosures, short sales or bankruptcies the bank you’re working with might not qualify you for an FHA loan even if your minimum credit score is above 580.

VA Loan

The lowest credit score you will need in order to be approved for a VA loan is typically 600, depending on the bank/investor that you are working with.

Conventional Loan

The lowest credit that most banks will allow when qualifying a borrower for a conventional loan is 620. Keep in mind that when your credit report is run by a mortgage lender, the scores are typically lower than the scores you receive when checking your consumer credit report from websites such as or This is due to the fact that banks run a more in depth credit report, will usually results in lower scores.

Leave a Comment

Your email address will not be published. Required fields are marked *