Wednesday, July 16, 2014

How Much Down Payment Do I Need To Purchase a Home.

Recently when speaking with potential buyers they seem to have a misconception of what is required as a down payment to purchase a home.

 I am always asked 'how much down payment do I need' so I just want to clear a few things up in case you are saving up for your first home purchase.
  • A person can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pocket”.
  • Qualified borrowers can further reduce the down payment coming out of their own pocket to 3 percent by lining up gifts from family or grants or loans from non-profits or public agencies.
Having 20 percent down makes your payment less and you get rid of that private mortgage insurance. But if you are tired of paying your landlord, please give me a call today so we can discuss what is available and what your payment would be. There are so many programs available for you.

Know your options so you can plan ahead.

I have a great little home available at 5134 Gaviota in Long Beach CA 90807.
Priced at $399,900 it offers beautiful floors, two bedrooms, bonus room, newer windows, covered patio, two car garage and a long driveway.

Check out my YouTube video of this property
5134 Gaviota Ave in Long Beach

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