Down Payments: What New Homebuyers Should Know
Many first-time homebuyers are unfamiliar with the home buying process, including down payments.
Here are a few things you should know about down payments.
- What is a Down Payment?
A down payment is an initial payment made when buying a home. A down payment is necessary when you’re unable to pay the full mortgage amount at the time of purchase.
- Down Payment Costs
First-time homebuyers tend to have more options when choosing a home loan. Down payment costs vary depending on the homebuyer and the qualifications that are met.
- Down Payment Assistance Programs
There are many down payment assistance program options available for first-time homebuyers. Down payment assistance can help reduce the amount required at closing.
To find out which assistance program is best for you, contact one of our mortgage professionals today.
Source: The Mortgage Reports