Thank you for your reply. A HomePath loan requires 3% down or $2370. An FHA loan requires 3.5% down or $2765 for a $79000 loan. On a $70,000 purchase, the HomePath down payment would be $2100 and FHA would be $2450. A conventional loan will require anywhere from 10%-20% down or $7000 to $14,000 for a $70,000 purchase and $7900 to $15800 for a $79,000 loan, again depending on your credit and lender requirements. In other words, the down payment may be anywhere from 3%-20% depending on the type of loan you are getting. You and the home have to qualify for whatever loan you are getting and each lender will have their own criteria and costs for getting a loan. Are you considering making a purchase or are you just looking for information?
Thanks again,
Eileen
