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.
We are happy to take the time to go through the numbers with you. Together, we can help determine a comfortable payment and corresponding purchase price. Contact one of our Mortgage Bankers today to get started.