Depending on the loan you qualify for, the requirement for a down payment typically starts at 3% of the purchase amount. If you have eligibility for a VA loan you may not be required to put any money down. First Time Homebuyers may also be able to qualify for special programs that offer down payment assistance that could be in the form of a loan or a grant. Down payments typically come from your savings, however there are situations where a relative could gift you the money to assist you in buying your home.
Are you surprised at how low you may be able to go? While many believe a 20% down payment is required or simply the most prudent, you can see now that it’s far from the only option. Whether you’re saved a little or a lot, contact us today, and we’ll work on finding the perfect formula that’s just right for you.