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.
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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