Mortgage Mondays: How much do I need for a downpayment?

🏡How much do I need for a downpayment?🏡


It’s the million-dollar question, and one I’m asked about all the time. The answer is, well, it depends. But here are some helpful guidelines to get you thinking.⁣⁠


🍏Twenty percent is typically the gold standard, and it will increase your chances of locking in a low-interest rate. You’ll also avoid private mortgage insurance (PMI), which lenders require if you put down less than 20%.


🍏Depending on the type of loan, however, you can put down less than 20%. FHA loans backed by the Federal Housing Administration, require as little as 3.5% down.⁣⁠


🍏Keep in mind the average first-time homebuyer puts just 6% down, so don’t fret if you don’t have piles of cash laying around.⁣⁠


An experienced agent can give you all the info you need on the various types of loans. With so many options, there is sure to be one that’s right for you.⁠ .⁠ If you’re thinking about buying, give me a call. I’d love to help!⁠


⁠ Mike Z. Haque⁠ DRE

#01745484⁠

760.808.5995⁠

DesertCitiesHome.com


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