What is the lowest deposit to buy a house in Lane County?

The lowest deposit (down payment) to buy a house in Lane County depends heavily on the type of loan you qualify for:

• VA Loans (Veterans Affairs): For eligible veterans, service members, and surviving spouses, VA loans often require 0% down payment. This is one of the most advantageous options for those who qualify.
• USDA Loans (U.S. Department of Agriculture): For homes in eligible rural areas of Lane County, USDA loans can also offer 0% down payment to qualified low-to-moderate income borrowers.
• FHA Loans (Federal Housing Administration): These loans are popular for first-time homebuyers and require a minimum of just 3.5% down payment. For a median-priced home in Lane County, this would still be a significant amount, but much less than traditional conventional loans.

Conventional Loans: Some conventional loan programs allow for down payments as low as 3%, though a higher credit score is usually required, and Private Mortgage Insurance (PMI) will apply until you reach sufficient equity. While these programs significantly reduce the upfront cash needed, remember that closing costs (typically 2-5% of the loan amount) will be additional out-of-pocket expenses. Our agents at Better Homes and Gardens Real Estate Equinox work closely with local lenders to help you explore all available options for minimizing your upfront costs when buying a home in Lane County.