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



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.