Mortgage 101
Eligible VA buyers can put $0 down. FHA is often 3.5%. Conventional can be 3% for some first-time buyers, 5% for many others, and 20% if you want to skip PMI.
Down payment is not the same as cash to close. You also need closing costs, often 2% to 5%, unless a seller concession or a lender credit covers part of them.
| Loan | Typical minimum |
|---|---|
| VA | $0 for eligible buyers |
| FHA | 3.5% at 580+ |
| Conventional | 3% to 5%, or 20% to avoid PMI |
Questions
Among the loans we originate, yes, for eligible VA buyers. USDA is a different program and not one we are advertising here.
Often, with a gift letter. It cannot secretly be a loan.
Sometimes, especially jumbo or tighter files. Reserves are money left after closing.
It can reduce them. Programs in Texas and the other states we serve open and close. Ask during pre-approval before you rely on one.
It lowers the payment and can remove PMI. It can also empty the account you need for repairs. We show both.
In an account you can document, usually for two months of statements.
Reviewed by Patrick Crawford, NMLS #231625 · Last updated October 28, 2026