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When it comes to purchasing a home, the required down payment can vary based on the type of loan you choose. Exploring different loan options can offer valuable insights into your potential down payment:

1. USDA Loans: This government-backed loan, administered by the US Department of Agriculture, is akin to FHA loans. It's commonly utilized for rural areas or locations with lower-than-average income. The $0 Down program starts at a credit score of 620 and above.

2. VA Loans: Tailored for veterans, these government-backed loans do not require a down payment and tend to be more lenient in terms of credit score requirements.

3. FHA Loans: Geared towards most first-time homebuyers, FHA loans require a modest 3.5% down payment. This option is often affordable for many, making homeownership more accessible, and the associated interest rates are typically attractive.

4. Conventional Loans: Conventional mortgages, not backed by the government, are another option. While they often require a higher credit score, they offer flexibility in down payment amounts, including options for as low as 3%.  

Do I need perfect credit to buy a home?

The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan you're applying for and your lender.