DON’T LOOK WHERE YOU DON’T WANT TO GO Are you familiar with the idea that we tend to attract more of what we focus on? Here’s a great story that perfectly illustrates this concept.
Question And Answers On Down Payments
Q. How much money do I need for a down payment?
A. Your down payment will be based on the cost of the home and most likely one of the following popular loan programs...
Conventional financing – For conventional financing, you will probably need a minimum of 5 percent up to a maximum of 20 percent down.
FHA financing – You will need a minimum of 3.5 percent down.
USDA financing – You may not need a down payment.
VA financing – You also may not need a down payment.
Here are a few more things to know if you go with conventional financing. If you put less than 20 percent down, you may be responsible for paying private mortgage insurance. Also, the lower your down payment on a home, usually the higher your interest rate and monthly payment. Mortgage lenders tend to offer better terms to those with a high credit score, a higher down payment, and a stable employment history.
Call Jeff [email protected] for further details
I was a domestic paralegal for 8 years prior to Real Estate. Since I have been in Real Estate I have grown to love this business, even though it does have it's challenges; it is very exciting. There i....
Latest Blog Posts
5 Disasters That Always Leave New Homeowners CluelessLike what to do when a tree falls. Read Visit houselogic.com for more articles like this.