How FHA 3.5% down works, gift funds, and how it compares with 3% conventional. From The 2 Mortgage Guys at Luminate Bank in Kokomo, nationwide.
Home
FHA Loans
3.5% Down
Yes — FHA lets many buyers purchase a primary residence with just 3.5% down when the credit score is 580 or higher. Gift funds can cover the entire down payment when documented correctly.
Low down payment is the headline — cash to close is the real number.
3.5% down is only one lever. These moves often matter more at the closing table.
Low down payment does not mean light paperwork.
The right contract language keeps FHA 3.5% down files from stalling in underwriting.
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We will map your cash to close — down payment, closing costs, and MIP — before you write an offer.