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How Much Do You Need for a Down Payment in Vero Beach?
Dated: 09/20/2019
Views: 120
If you're thinking about buying a home, there's a good chance that you've already thought about your down payment. Traditional real estate wisdom says that you should save up 20 percent of a home's purchase price to buy - but is that still true?
Here's what you need to know.
How Much Do You Need for a Down Payment in Vero Beach?
A 20 percent down payment is ideal. It's a large amount, but if you put that much down, you will:
- Avoid paying for private mortgage insurance, or PMI
- Most likely qualify for better interest rates, which can save you thousands of dollars over the life of your loan
- Give you more equity in the home than you'd have if you put down less money
- Have lower monthly mortgage payments because you're borrowing less money
However, you don't have to put down 20 percent when you buy. Some programs allow you to put down as little as 3 percent - and if you're using a VA loan, you can buy a home with nothing down.
One of the most popular low-down-payment loans is an FHA loan. That allows you to put down 3.5 percent, as long as you meet certain criteria. However, you'll still have to pay mortgage insurance premiums.
Other loans include HomeReady and Conventional 97 mortgages, both backed by Fannie Mae. Each allow you to put down 3 percent as a down payment, but you must meet credit requirements and other criteria, too.
Chip Boyer
Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
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