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How Much Do I Need For a Down Payment?


Photo credit: thebalance.com
How much do you think is required for a down payment to buy a home? No need to worry if you don’t know the answer.
The truth is, the right answer to this question depends on finding the right loan solution for you! How much money you will need for a down payment is entirely based on you and your specific situation. And if you’re like most potential homebuyers, it's highly likely that you may think it takes twice as much to buy a home as it really does.
Some loan programs are designed specifically to benefit first-time homebuyers with low down payments and flexible qualification guidelines. However, these benefits are available to repeat homebuyers as well in several popular loan programs:
  • VA and USDA loan programs have 0% down payments for eligible homebuyers.
  • State housing loan programs have low down payments and may offer down payment assistance in the form of non-repayable grants for eligible homebuyers.
  • The HomeReady® and Home Possible® loan programs provide for down payments as low as 3% for low- to moderate-income homebuyers and those in certain underserved areas.
  • FHA loans start at 3.5% down and Conventional loans start at 5% down.
Also, let’s clear up one more mortgage myth about making a down payment on a home: Down payments DO NOT have to be all your own money.
You have several options to fund a down payment on a home, including: personal savings; grants from nonprofit agencies or public institutions; state down payment assistance programs; employer assistance; or gifts from family, such as wedding gifts. But before you accept that gift from Mom and Dad, make sure you know the rules for down payment gifts and talk with your lender early on. 
Down payment assistance is the real deal! Thousands of dollars of home buying assistance are out there for qualified homebuyers.
And don’t be afraid to get creative when it comes to putting together the funds on your own. Options to consider are borrowing against a 401(k), stocks, bonds, or the cash value of your life insurance policy.
If you have questions about a mortgage, getting approved, or down payment options, I recommend you contact Chris Reickard at Academy Mortgage https://academymortgage.com/about-us/team/chrisreickard
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