Mortgage Down Payment Questions Answered

    Mortgage down payment questions come up all the time as we work with buyers.  We are excited to have Ky Oday again this week with some information to help you better understand your down payment and answer any questions you have.  There are often questions about how much you need for a down payment and what programs you qualify for.  While this is informational, if you would like more details for your particular situation or have more questions please contact Ky directly.

    What is the average down payment I need?

    Mortgage Questions Answered


    • The average down payment needed to purchase a home will depend on the program that best meets your family’s need.  For example:

      • VA Loan allows up to 100% financing for eligible veterans.
      • FHA Loan requires at least 3.5% into the transaction as a down payment.
      • FHA CHFA loan is similar to a standard FHA loan where 3.5% is required into the transaction, but the difference is that FHA will allow the Colorado Housing and Finance Authority (CHFA) the opportunity to assist you with a portion of your down payment less $1,000.00.  The minimum down payment for FHA CHFA loan for approved buyers is $1,000.00.
      • USDA Rural Development (RD) loan will allow up to 100% financing for eligible borrowers in eligible areas.
      • Conventional loan programs requires as little as 5% down into purchase transactions.

    About Ky Oday:

    KyOdayKy began working in the real estate industry in 2002. He has worked in Grand Junction as a commercial and residential loan officer for two area banks for the past 8 years. For four years Ky served as a board member for Northwestern Colorado Home Builders Association.  Ky is a Grand Junction Lions member since February 2004 and served on the board for eight years and as president for 2010 and 2011. He currently serves on the board for CMU Alumni Association 2011.  Ky was raised in Grand Junction and was a prominent athlete in the valley in both high school and college. Ky graduated from Utah State University with a degree in Journalism.  A commitment to community and ethics drives Ky to make the home loan process as stress-free and smooth as possible while helping his clients make informed decisions.

    Unifirst Mortgage offers a line of loan products for today’s home buyer and homeowner

    • FHA loans
    • VA loans
    • Conventional
    • ARM’s
    • FHA/CHFA
    • USDA Rural Development programs
    • Reverse Mortgages

    Unifirst Mortgage is locally owned with locations throughout Colorado. We are proud of our ability to do everything in house, which allows us to give you the answers you need when you need them. We have 2 underwriters in house that allows us to offer fast immediate approval on your loans. Apply today and find out why we are Colorado’s Lending Leader.

    LMB# 100043384
    Phone: 970-241-4453
    Direct: 970-263-5213
    Cell: 970-361-2370

    Regulated by the Colorado Division of Real Estate Equal Housing Lender .To check the license status of your mortgage broker,

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