Standard post published to Wave Lending Group #21751 at October 18, 2023 16:02

What down payment do I need to purchase a home, and are there any down payment assistance programs available?

The down payment may vary depending on aspects such as the loan type and the lender's policies.

In general, down payments typically span from 3% to 20% of the home's purchase cost. For instance, conventional loans usually require a down payment of about 5% to 20%, while FHA loans may require as little as 3.5%.

Various down payment assistance options offer monetary support and incentives to assist homebuyers. These programs are typically provided by state and local governments, as well as nonprofit organizations. They can pay for a portion or all of the down payment fees, making homeownership more accessible.

Mortgage brokers with detailed knowledge of down payment criteria can lead borrowers in identifying and accessing suitable down payment assistance programs, ensuring that they make well-informed decisions aligned with their financial situation.

For more information on a down payment, call Wave Lending Group in Puyallup - the reliable local mortgage brokerage company!

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