What down payment do I need to purchase a home, and are there any down payment help programs available?
The down payment amount may vary depending on factors such as the loan type and the lender's guidelines.
Generally, down payments typically vary from 3% to 20% of the home's purchase cost. For instance, conventional loans usually require a down payment of about 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 pay for a portion or all of the down payment charges, making homeownership more accessible.
Mortgage brokers with comprehensive knowledge of down payment criteria can assist borrowers in identifying and accessing appropriate down payment assistance programs, ensuring that they make informed decisions according to their financial situation.
For more info on a down payment, contact Wave Lending Group in Puyallup - the trusted local mortgage brokerage company!
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