Standard post published to Wave Lending Group #21751 at June 24, 2024 16:02

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

The down payment amount may fluctuate based on factors like the loan type and the lender's guidelines.

Generally, down payments typically range from 3% to 20% of the home's purchase price. For instance, conventional loans usually need a down payment of around 5% to 20%, while FHA loans may need as little as 3.5%.

Many down payment assistance programs offer financial support and incentives to support homebuyers. These programs are typically given 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 extensive knowledge of down payment criteria can assist borrowers in identifying and accessing suitable down payment assistance programs, ensuring that they make informed decisions aligned with their financial situation.

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

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