How Much Do You Need for a Down Payment?
You don’t need 20% down to buy a home, but it will lower your loan amount.
We’ve had a few confused buyers reach out recently and ask how much money they need to buy a home. I wanted to quickly answer that question for you today. You don’t need 20% to buy, but you will eliminate private mortgage insurance and have a slightly lower monthly payment if you do.
There are several loan options to get you into a home with a low down payment. In fact, some options don’t require a down payment at all. You will need money for inspection, appraisals, and earnest money regardless.
Every situation is different, and there are plenty of options for getting a home loan. If you have any questions about qualifying, saving for a down payment, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.