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Home Loan Down Payment

Buying a home takes good credit and enough for a down-payment. Home financing remains affordable for most Americans as qualification for a FHA home loan is very reasonable with only a 3.5% down-payment. Check the HUD website to determine the FHA limits in your region.

Saving for a down payment on a home can be one of the most challenging tasks a young family faces in the quest for home ownership. Creating a down payment savings plan and sticking to it will help first time home buyers reach their goal of home ownership faster.

The military home financing remains attractive with the VA home loan programs that require no money down. These loans are guaranteed by the U.S. government.

The purchase of a home entails saving for three up-front costs. The down payment is the largest part and is a percentage of the total purchase price of the house. As the economy has improved and home prices have stabilized in recent years, down payment requirements in New England have dropped considerably. Today, first time home buyers can purchase a home with a down payment ranging from three to five percent of the purchase price.

In addition to a down payment, funds are needed to cover closing costs. Closing costs include all fees required to execute the sales transaction, such as attorney fees, title insurance, appraisals, points and tax escrows. While these charges vary considerably, most home buyers will need at least $3,000 to $5,000 for closing costs.

Read the complete Mortgage Almanac article.

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