What down payment do I need to purchase a home, and are there any down payment help programs available?
The down payment may fluctuate depending on variables 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 example, typical loans often 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 financial support and incentives to help homebuyers. These programs are typically provided by state and local governments, as well as NGOs. They can cover a portion or all of the down payment charges, making homeownership more accessible.
Mortgage brokers with detailed knowledge of down payment requirements can lead 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, contact Wave Lending Group in Puyallup - the reliable local mortgage brokerage company!
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