How much money is typically required for a down payment on a house?
1. None; qualified buyers can finance the full price.
2. 3% to 20% of the purchase price
3. 5% of the amortization on the loan
4. At least $25,000
Answer:
2. 3% to 20% of the purchase price
The amount needed for a down payment varies depending on the type of loan and lender requirements. Conventional loans often require 5% to 20%, while FHA loans may allow as little as 3%. Some buyers may qualify for zero-down programs (like VA or USDA loans), but generally, most people put down somewhere between 3% and 20% of the home’s price.
