Financing Trends: Cash Purchases, Loan Types & Down Payments

Redfin tracks what type of mortgage loans homebuyers are using and the average amount of their down payment. FHA loans are insured by the U.S. government and geared toward low-to-moderate-income borrowers. They’re popular with first-time homebuyers because they have lower financial requirements than conventional loans. Conventional loans, the most common type of financing, are not backed by the government. VA loans, which are available to veterans, service members and their surviving spouses, require little to no down payment. This data comes from county records and is subject to revision.