Standard post published to Wave Lending Group #21751 at January 01, 2024 16:02

What down payment do I need to buy a home, and are there any down payment help 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 need a down payment of about 5% to 20%, while FHA loans may require as little as 3.5%.

Many down payment assistance options offer economic support and incentives to help homebuyers. These programs are typically offered by state and local governments, as well as NGOs. They can pay for a portion or all of the down payment fees, making homeownership more accessible.

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

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

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