Have you ever wondered what the Down Payment options are for your particular Credit Score?  Below is a guide of what to expect based on the lenders that we work with.  Checking Credit Karma can be a useful tool but keep in mind that Lenders will take a look at 3 credit bureaus and will select the middle score.  Example:  620, 660,700 scores.  The score used is 660.  

We will break it down between Buying a Home with your own Down Payment and Buying a Home using Down Payment Assistance Grants.

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Credit Scores required when using Down Payment Assistance Grants.

580-619:  1 1/2 Percent Down  

640:  As low as Zero Down.

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Credit Scores required when using your own funds for a down payment.

500-579:  10% Down Payment.  You must meet certain criteria and it is generally tougher to qualify for this FHA program.

580-619:  3.5% Down Payment.  (FHA Loan)  Must have a recent 12 months of clean credit history.

620+:       3.5% Down Payment for FHA Loans & 5% Down Payment for conventional Loans.  FHA is easier to qualify for and will allow recent credit lates as long as your score is 620+.