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
