The newest down payment importance of a keen FHA 203k financing is similar to that out-of most other government-supported mortgage loans. For this reason, possible shell out 3.5% of your complete amount borrowed upfront if you have a cards score out-of 580 or maybe more. Also, you need at least a great ten% advance payment if for example the credit history are lower than 580.
Luckily for us, providing a keen FHA home loan has started to become much easier, because of advance payment guidelines applications out of nonprofit teams and money gifts out-of family unit members or household members.