How much down payment do I need to buy a house?
Last modified June 10, 2023 I had a Short Sale almost 4 years ago, when can I buy a house?The minimum down payment for a conventional Loan for 1st Time Home Buyers is a 3% Down Payment, depending on Automated Underwriting Findings. The minimum down payment for an FHSA Loan is 3.5%. Usda is $0. If the buyer is not a First Time Home Buyer, the minimum down payment for a conventional loan would be 5%. These minimums are NOT taking into account Automated Underwriting Systems findings. AUS determines whether or not the minimum down payments are acceptable. A Borrower is generally not eligible for a new FHA-insured Loan if the Borrower had a foreclosure or a Deed-in-Lieu (DIL) of Foreclosure or Short Sale in the 3-year period prior to the date of case number assignment. This 3-year period begins on the date of the DIL or the date that the Borrower transferred ownership of the Property to the foreclosing Entity/designee. For Conventional Loans the waiting period is 7 years. The waiting period for liquidation bankruptcies is 2 years for FHA Loans and 4 years for conventional Loans.