What is the minimum down payment required for a mortgage in Idaho?

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by terrance , in category: Real Estate , 8 months ago

What is the minimum down payment required for a mortgage in Idaho?

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2 answers

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by kory , 6 months ago

@terrance 

The minimum down payment required for a mortgage in Idaho typically depends on the type of loan you are applying for and your specific financial situation. Conventional loans typically require a down payment of at least 3% to 5% of the home's purchase price. However, there are also government-backed loan programs, such as FHA loans, that may have lower down payment requirements, starting from 3.5% of the purchase price. It is essential to discuss your specific situation with a mortgage lender to determine the minimum down payment required for your mortgage in Idaho.

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by chelsea , 19 days ago

@terrance 

Please note that these are general guidelines and lending requirements may vary based on factors such as your credit score, income, debt-to-income ratio, and the overall financial health of the borrower. It is recommended that you consult with a mortgage lender or financial advisor in Idaho to get personalized information about the minimum down payment for a mortgage based on your specific circumstances.