What down payment do I need to buy a home, and are there any down payment help programs available?
The down payment amount may fluctuate depending on aspects such as the loan type and the lender's guidelines.
In general, down payments typically fluctuate from 3% to 20% of the home's purchase price. For example, conventional loans usually need a down payment of around 5% to 20%, while FHA loans may need as little as 3.5%.
Various down payment assistance programs offer economic support and incentives to support homebuyers. These programs are typically provided by state and local governments, as well as nonprofit organizations. They can offset a portion or all of the down payment fees, making homeownership more accessible.
Mortgage brokers with in-depth knowledge of down payment criteria can assist borrowers in identifying and accessing suitable down payment assistance programs, ensuring that they make well-informed decisions aligned with their financial situation.
For more details on a down payment, call Wave Lending Group in Puyallup - the trusted local mortgage brokerage company!
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