What is the minimum down payment and closing cost?

It depends on the loan, but here’s the rough picture. Some programs go as low as 3% down (and VA/USDA can be 0% if you qualify). FHA is usually 3.5%. Conventional loans are often 3–5% minimum. Your agent can give a ballpark, but your lender is the one who’ll break it down clearly once you’re pre-approved.

You will want to speak to a mortgage specialist to see what you are pre-qualified for based on income, credit score & debt. You will then receive your answers. Best of luck!

Here is a simple breakdown of the most common options: Conventional Loan As low as 3% down (first time buyer programs) More commonly 5% to 20% If under 20%, you will have PMI FHA Loan 3.5% down More flexible on credit Requires mortgage insurance VA Loan (if eligible) 0% down No monthly mortgage insurance Strong option for Hill AFB buyers USDA Loan (rural areas) 0% down Location and income restrictions apply Closing Costs (What to Expect) Typically: 2% to 5% of the purchase price On a $400,000 home: Roughly $8,000 to $20,000 This includes: Lender fees Title and escrow Prepaid taxes and insurance Appraisal and inspections 💡 Important: In many Utah deals, we negotiate seller concessions to cover part or even all of this. Will Your Agent Tell You How Much You Need? Short answer: Yes but with a team approach. Here is how it actually works: Your Lender Gives you exact numbers Breaks down monthly payment Calculates cash to close Your Agent (me, ideally 😉) Helps you strategize how to reduce that number Negotiates: Seller paid closing costs Price reductions Rate buydowns What You Should Expect as a Buyer Before you start shopping seriously, you should know: Estimated down payment Estimated closing costs Monthly payment range Cash to close (total out of pocket) Real Talk (This Is Where Most People Are Surprised) A lot of buyers think: “I need 20% down” That is not true anymore. Many buyers in Utah are getting in with: 3% to 5% down PLUS getting seller concessions to help with closing costs Simple Example $450,000 home with 3% down: Down payment: ~$13,500 Closing costs: ~$10,000 Seller concessions: -$10,000 👉 Total out of pocket: ~$13,500

FHA is 3.5% with approved credit, lower credit it can be 5%. Conventional is 5% and VA is 0%.

Your best bet will be to speak with a lender! They are the ones who are truly able to answer those questions! It can be tricky to navigate the home buying process. Make sure you have a great team who are there to educate you and have full transparancy through the transaction!