Types of Loans- Down Payments for different types of loans

Explore the various loan options available and their down payment requirements. For lower down payment programs, like those requiring 3% or 3.5%, you can purchase homes up to around $800,000, though some programs have income restrictions—except for FHA loans, which allow you to put down 3.5% regardless of income. For higher-priced homes in the Seattle area, jumbo loans are often necessary. As a first-time homebuyer, you can secure a jumbo loan with as little as 10% down, enabling purchases up to $2.225 million, provided the loan amount stays under $2 million. Each loan type has different credit score and cost requirements, so it's essential to discuss your options.

Key Takeaways:

• Low Down Payment Loans: 3% or 3.5% down for homes up to $800,000, with some income restrictions.
• FHA Loans: 3.5% down with no income restrictions.
• Jumbo Loans: 10% down for homes up to $2.225 million, ideal for high-priced markets like Seattle.

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