|
Traditionally, the
biggest hurdle when buying a home is the down payment funds,
especially for first time buyers.
When
you buy a home, you need money for a down payment and
closing
costs. The amount of the down payment may vary, but generally
you must make a down payment of at least 3% to 5% of the
purchase price. The lender will want proof that you have
saved the funds for your down payment and closing costs.
There are exceptions where inheritance, family gifts (not
loans), and other sources such as a retirement accounts can be
used as well.
Mortgage Calculators
Today,
with FHA
mortgage loan programs,
PMI, and
other loan programs like the
80
20 Mortgage lower down payments or make
Zero Down Home Loans possible.
Find the Right Mortgage Loan for You
See
All your Mortgage Loan Options |
