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How much do I need for a down payment in South Jersey?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Down payment requirements depend on your loan type. Conventional loans ask for 5 to 20 percent down. FHA loans require as little as 3.5 percent. VA and USDA loans may allow zero down. New Jersey offers down payment assistance programs through NJHMFA for qualified first-time buyers. A local lender can help you determine the best option for your situation.

Why It Matters

Knowing your down payment options helps you set realistic savings goals and understand what homes are within reach in the South Jersey market.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What loan options are available for first-time buyers? What questions should I ask my real estate agent when buying?

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