Financial FAQ

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Purchasing a Home

How large of a down payment do I need?

There are mortgage options now available that only require a down payment of 5% or less of the purchase price.

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How much money will I have to come up with to buy a home?

That depends on a number of factors, including the cost of the house and the type of mortgage you get.

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Down Payment Resources

Are there special mortgages for first time buyers?

Yes. Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.

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How do I find down payment assistance?

Ask around.  Ask Realtors, lenders and friends.   Many counties and cities have 1st time homebuyer programs.  An online resource is http://downpaymentresource.com/.

 

 

How much down payment money is required to buy a home?

The mortgage menu is very diverse, and exploring the loan options takes time.  What is good for one borrower, is not the best for another.  Housing counselors are a good source of information.

I am going to buy my first home, is there downpayment assistance available?

Many federal, state and local agencies administer programs to assist people who need help buying a home.

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What is the size of down payment for FHA loans?

You must have a down payment of at least 3% of the purchase price of the home. Most affordable loan programs offered by private lenders require between a 3%-5% down payment, with a minimum of 3% coming directly from the borrower's own funds.