Rebecca Richardson - Mortgage Consultant
Down Payment - How Much Is It & How Do I Pay For It?
One of the most stressful parts about buying a home can be navigating the down payment.
How much do you pay?
How will I afford it?
What options do I have?
So let’s dive a little deeper and explore some options and guidelines for your down payment, so you can find the best option for you.
First, let’s talk about how much you actually have to put down.
Many people assume that you need to put 20% down in order to qualify for a home. But, there are loan programs out there with down payments as little as 0% to 5%.
Also, there are down payment assistance programs available both statewide and nationwide. There can be pros and cons to these programs, so it’s important to pay attention to the details of each agreement.
For example, these programs can sometimes mean delayed closing times and higher interest rates.
But if you’re still not sure where to find the money to pay for your down payment, here are a few sources to consider:
● Checking and Savings accounts
● 401(K) loans
● Liquidated investment accounts
● Sale of a documented asset like a house, car, etc.
● Gift from a family member or friend
If you’re ready to learn more about your personal mortgage journey, based on your unique situation and preferences, you can send me an email here: (firstname.lastname@example.org)