How many hopeful homeowners are saving up to purchase their first home? Last year, the Internal Revenue Service issued more than 129 million refunds with an average pay out of $2800.00. If you are expecting a refund this year, you might be tempted to splurge on a vacation or a new gadget. However, if your are ready to buy there are better ways to use those funds. They could help you with your closing costs or some minor repairs to your new home.
Nowadays, the average down payment amount is around 5% to 10% of the home’s purchase price. It’s okay if you are not able to save the traditional 20% down payment. However, the larger your down payment, the lower your loan amount, and the lower your mortgage payment. Fortunately, there are a lot of loan programs available to buyers today.
FHA Loans: 3.5% down payment minimum
Conventional Loans (with PMI): 3% down payment minimum
VA Loans: 100% financing
USDA Loan: 100% financing (Some state and county maximum loan amount restrictions may apply)
Jumbo Loan: 15% down payment minimum (with no PMI)
We have a few select lenders that we work with that can find the best program for you. Give us a call and let us show you what we can do.
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