Frequently Asked Questions
Learn About FHA Loans and How You Can Qualify
What is the minimum down payment I can make for an FHA loan?
Last modified: August 17, 2023
The minimum down payment is expressed in percentage of the loan, not in a dollar amount. FHA loan rules specify that this amount is 3.5%, but in some cases the lender may require a higher down payment equal to 10%.
This is true when a borrower's FICO score is marginal according to either lender standards or FHA standards. Also, in some cases it may make sense to make a higher down payment depending on your financial goals. It's true that some closing costs may be covered by the seller, but only up to six percent.
Also, the down payment is considered separate from closing costs and other investments required as part of the FHA loan transaction. Those expenses cannot count toward the down payment.
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