04/14/2023
So boom!! Many clients ask questions all the time about what credit score is needed to buy a home, but rarely do I get asked about the amount of money needed to purchase..
So here is a Down Payment Cheat Sheet
FHA - 3.5% down payment
Conventional - 3-20% (typically 5%+) down payment, **3% for first time buyers
VA - 0% down payment
USDA - 0% down payment
Non QM 15 - 20% down payment
ALL LOANS HAVE CLOSINGS COST!
You also need to budget approximately another 2% for closing costs.
**Down payment assistance may be available for those that qualify. Down payment assistance does mean higher a interest rate. THERE ARE STIPULATIONS BEHIND IT EVERYTHING AINT FREE!! It’s cheaper to use your own money and without any restrictions.
Allow me to help make all your home buying needs and wants come true!!
Natausha Harris REALTOR®
Dani Scott and Associates Realtors
Cell: 469.386.0688
[email protected]
