What Should Your Down Payment Be?
How much you put down should depend on the purchase price of the home you are looking to buy and the loan type you'll be purchasing with. For example, VA and USDA mortgage loans require ZERO down payment. FHA loans require 3'5% down payment, and conventional loans require 5% down payment. The first step is to speak to an experienced loan officer to determine your overall qualification and pre-approval. Based on your income, assets, and overall debt, the loan officer should be able to give you proper advice on the amount of your down payment, and provide down payment options.
Ultimately, the best thing a homebuyer can do, is get advice from an experienced mortgage professional to determine down payment options that fit their needs.
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