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

In Washington, the amount of money you need for a down payment on a mortgage depends on a variety of factors. Generally, you will need at least a 3% down payment. However, depending on your credit score and the type of loan you are taking out, you may need more money for your down payment. Conventional loans usually require a minimum of 5% down. If your credit score is below 580, you may need to put down a 10% down payment. If you are using a Federal Housing Administration (FHA) loan, then you may need a 3.5% down payment, though it varies based on your credit score. Additionally, some loan programs may require you to put down a larger down payment. For example, if you are trying to purchase a property in a rural area, through a United States Department of Agriculture (USDA) loan, you may need to put down up to 10% of the purchase price. Furthermore, some lenders may require a larger down payment depending on your credit score. Generally, the higher your credit score, the less money you need to put down. Overall, the amount of money you need for a down payment on a mortgage in Washington depends heavily on the type of loan you are using and your credit score. Generally, you will need at least a 3-10% down payment. However, it is important to speak to your lender to determine exactly how much money you need for a down payment on your mortgage.

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