How much of a down payment do I need for a mortgage?

In Pennsylvania, the amount of down payment you need for a mortgage depends on several factors, including the type of loan, the loan amount, and your credit score. Generally speaking, most home loans require a minimum down payment of 3.5%, which is the minimum amount set by the Federal Housing Administration (FHA). If you are financing a lower-priced home or getting an FHA loan, you may be able to put down as little as 3.5%. However, if you are getting a conventional home loan, you may need to put down a larger percentage, usually anywhere from 10% up to 20%. Your credit score will also play a role in determining the size of your down payment. The higher your credit score is, the less you will need to put down. If your credit score is below a certain amount, you may need to put down as much as 20%. Finally, your lender may require additional funds, such as closing costs, home inspection fees, and additional mortgage insurance, which would need to be paid at the time of closing. So, to sum it up, the minimum down payment for a mortgage in Pennsylvania is typically 3.5%, but it could be more depending on the type of loan and your credit score. Be sure to talk to your lender for more details.

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