How Much Do I Need?

How much do I need?” is the second article of my series title The First Timer. While there are a few specific loan types that allow 100% financing, they will be covered at another time. Those loan types are USDA, VA, 80/20 or 80/10/10 loans. It is important to note that although they allow 100% financing, it doesn’t mean you can’t have any money and get into a home. There are certain criteria you must meet and certain asset levels you must be at.

Down Payment: This is one of my favorite questions. The bare minimum for FHA and Conventional loans is 3.5% of the sale price to put down. This is your skin in the game. While 3.5% is the minimum down, mortgage insurance will be required and your rate will be higher to reflect the increased risk. While you have to pay mortgage insurance whether you…

View original post 425 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s