The actual middle score needed is a 640. I am in the process of purchasing a home by one of their preferred lender and I was informed by Georgia dream and the preferred lender that I would need a middle score of 640 to qualify for the program. Since my middle score is 625 I had to come up with my own down payment which I did. · Mortgage rates for the 3% down payment program are based on standard fannie mae rates, plus a slight rate increase. But these loans will come will come with rates only about a one-eighth to one-quarter of one percent higher than rates available to borrowers putting 5-10% down.

Conventional and Jumbo loans could require a down payment as high as 20% or more. The last data pulled from 2016 shows that the average down payment on a house was about $14,000, or 6% of the purchase price. What is a Down Payment? A down payment is a percentage of the purchase price the borrower needs to pay in cash, the rest is financed.

That’s based on an initial savings of $30,000, used as a down payment on a $300,000 house. Note that if our home buyers had saved $60,000 for the down payment, their monthly bill would drop to.

Just 33 percent of people have informed their family of lifetime gifts already made or committed to, such as assets held in a trust or funding of education, a down payment on a first house, or another.

Conventional Home Loan Down Payment Government House Buying Programs First Time home buyer grants – GovernmentGrants.us – Today, these wishes are no longer pipe dreams. There are government grants for first time home buyers that are sure to make a difference in this country.