How much of a down-payment do I need?
The amount of down payment you will require will depend upon the kind of loan you get. Your mortgage broker can give you a better idea of the specific loan programs that would be appropriate for your specific needs. However, a good rule of thumb is a minimum of 3-5%. Common sources of down payment you may want to consider are additional savings, tax refunds, and year-end bonuses. It may also be possible to have the seller pay some closing costs as well.
Give me a call and I can help you calculate your expected seller net and help you find a reliable mortgage broker.
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Tawana Bourne, SRS, SFR, RESE
Your Enthusiastic! REALTOR®
Berkshire Hathaway HomeServices NEP
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