?How much do I need for a downpayment??
It’s the million-dollar question, and one I’m asked about all the time. The answer is, well, it depends. But here are some helpful guidelines to get you thinking.
?Twenty percent is typically the gold standard, and it will increase your chances of locking in a low-interest rate. You’ll also avoid private mortgage insurance (PMI), which lenders require if you put down less than 20%.
?Depending on the type of loan, however, you can put down less than 20%. FHA loans backed by the Federal Housing Administration, require as little as 3.5% down.
?Keep in mind the average first-time homebuyer puts just 6% down, so don’t fret if you don’t have piles of cash laying around.
An experienced agent can give you all the info you need on the various types of loans. With so many options, there is sure to be one that’s right for you. . If you’re thinking about buying, give me a call. I’d love to help!
Mike Z. Haque DRE
760.808.5995
DesertCitiesHome.com
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