What down payment do I need to buy a home, and are there any down payment help programs available?
The down payment may differ depending on factors such as the loan type and the lender's guidelines.
Generally, down payments typically range from 3% to 20% of the home's purchase cost. For instance, standard loans usually require a down payment of around 5% to 20%, while FHA loans may require as little as 3.5%.
Various down payment assistance programs offer monetary support and incentives to assist homebuyers. These programs are typically offered by state and local governments, as well as nonprofit organizations. They can fund a portion or all of the down payment fees, making homeownership more accessible.
Mortgage brokers with detailed knowledge of down payment requirements can direct borrowers in identifying and accessing appropriate down payment assistance programs, ensuring that they make informed decisions according to their financial situation.
For more details on a down payment, contact Wave Lending Group in Puyallup - the trusted local mortgage brokerage company!
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