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Frequently asked questions

What is the minimum FHA loan down payment amount Better Mortgage allows?

FHA loans tend to require fewer closing costs, which makes them appealing to borrowers with less money set aside for a down payment. The minimum down payment for FHA loans at Better Mortgage can be as low as 3.5%, though it varies depending on factors like credit score (the minimum at Better is 620) and occupancy. For example, if there is a co-applicant or co-borrower not residing in the property, the minimum down payment is 25%.