Down Payment Rates
15% Down Mortgage Rates - Live Wholesale Pricing
15% down places you in a mid-LTV bucket. Conventional pricing improves vs lower-down-payment buckets but mortgage insurance is still required until you cross 80% LTV (20% down).
Conventional Loan Facts
- Down payment as low as 3% for first-time homebuyers, 5% for others
- Down payment assistance programs available to fully cover the 3% down payment
- Private Mortgage Insurance (PMI) required below 80% LTV - automatically removed at 78%
- Maximum DTI typically 45%, up to 50% with strong compensating factors
- Minimum credit score generally 620; best rates at 740+
- Available for primary residence, second home, or investment property
- No upfront mortgage insurance premium - only monthly PMI if applicable
Down Payment by Home Price
15% down at common purchase prices:
| Home price | Down payment | Loan amount |
|---|---|---|
| $300,000 | $45,000 | $255,000 |
| $400,000 | $60,000 | $340,000 |
| $500,000 | $75,000 | $425,000 |
| $600,000 | $90,000 | $510,000 |
| $750,000 | $112,500 | $637,500 |
Frequently Asked Questions
Can I buy a house with 15% down?+
Yes. 15% down is fully eligible on Conventional, FHA, and VA loans. Mortgage insurance is required until your LTV reaches 80%.
Is 15% down enough to avoid mortgage insurance?+
No - to avoid Conventional mortgage insurance you need at least 20% down (80% LTV). At 15% down, MI is required until the loan amortizes to 80% LTV (or, on owner-occupied loans, you request removal at 80% based on current value with a new appraisal).
What does 15% down on a $400,000 house look like?+
Down payment: $60,000. Loan amount: $340,000. LTV: 85%. The pricer above is preset to this scenario - see live rates in seconds.
Will my rate be higher with 15% down vs 20% down?+
Slightly. Conventional loans use risk-based pricing adjustments that include LTV. Each LTV bucket (95, 90, 85, 80) is a meaningful pricing step. The difference between 15% down and 20% down can be 0.125% to 0.5% in rate equivalent, depending on FICO. FHA is less LTV-sensitive in pricing.
Is FHA or Conventional better at 15% down?+
Usually Conventional above 720 FICO because Conventional MI is removable at 80% LTV; FHA MI is permanent for the life of the loan unless you put 10%+ down at origination.
Is the $2,000 Best Price Guarantee available at 15% down?+
Yes. The Loan Factory $2,000 Best Price Guarantee applies to qualifying fixed-rate Conventional, FHA, and VA loans of $200,000+ regardless of down payment.
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