HomeLoans Blog

Having enough funds to close a purchase is one of the real stumbling blocks for people who want to buy a home.

Down payments for most loan programs are at least 3.5%. VA and Rural Development programs do not require down payments for qualified buyers and properties.

FHA though, which is probably the most popular home purchase program in today's market does require at least a 3.5% down payment.

The good news with FHA is that they will allow you to use a gift for the down payment.

The gift can come from a relative or your employer. Other gift sources are allowed. If you think a gift for the downpayment will help get you into that new home, call to discuss how and FHA loan may be right for you.