How much money do you need in order to make a down payment? A decent number of buyers are unaware of the answer, so I’ll provide it today.
As you might already know, the traditional amount homebuyers will pay for their down payment is 20%. Be that as it may, you have alternative options to pay a lesser amount.
For instance, take the FHA loan program: You can qualify for this particular product with a minimum of 3.5% on a 30-year mortgage. That sounds quite a bit better than 20%, right?
Take the FHA loan program: You can qualify for this particular product with a minimum of 3.5% on a 30-year mortgage.
If you have the cash readily available to you, to be sure, it’s undeniably better to choose to make a higher down payment. You won’t have to pay mortgage insurance, your buying power exponentially goes up, you’ll have increased options in the market, and, last but not least, you’ll have a much larger ownership stake.
If you have any questions you’d like us to answer about today’s topic or anything else real estate-related, please reach out to us by phone at 312-600-6102 or you can visit our website at TheZPG.com. We look forward to speaking with you!