When thinking of buying a house, a first question is often How much do I need for a down payment? Ideally, a down payment is 10 percent to 20 percent of the purchase price, which will reduce your mortgage and lower your monthly payments. But in reality, many buyers, especially first-timers, don’t have that kind… Read more »
The trend in home buying has moved away from large down payments. In fact, today’s average down payment is just 6 percent, with zero-out-of-pocket deals more common than you might think. Accumulating savings while working can be difficult, especially for young first-time buyers with large amounts of student loan debt and beginner-level salaries. Here are… Read more »
Accumulating down payment money for a house is important, but can be challenging, especially for millennials bogged down in massive student loan debt. But don’t despair. Help is available through down payment assistance programs — in other words — free money. The Federal Housing Administration, or FHA, along with the Veterans Administration (VA) and some… Read more »
Homebuyers must make two large payments when purchasing a house. One is the earnest money paid upon execution of the sales contract. The second is the down payment to the lender at closing. What are the differences between the two? It’s all about commitment. In both cases, these payments represent a commitment to the purchase…. Read more »
