Which government program requires the least down payment for the purchase of an owner-occupied $400,000 condo?
A) FHA 203b program
B) FHA 245 program
C) VA
D) regular CAL-VET Loan

Question

Quizplus · Accepted Answer

The VA program does not require any down payment for qualified veterans or their surviving spouses buying a home up to $484,350 in most locations. Therefore, it would require the least down payment for the purchase of a $400,000 condo. The FHA 203b program requires a 3.5% down payment ($14,000) and the FHA 245 program requires a 2.25% down payment ($9,000). The regular CAL-VET Loan typically requires at least a 5% down payment ($20,000) for a $400,000 purchase.

Which Government Program Requires the Least Down Payment for the Purchase