Down Payment Got You Down?

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For many Americans, "coming up" with a down-payment for their first home purchase can be a major roadblock -- and quite often the reason for renting, rather than owning, a home.

A "down-payment" is the difference between the home's purchase price and its mortgage amount. This percentage of the sale price must be paid up-front and can vary by lender, location, and loan program. A higher down-payment generally translates into lower loan interest rate requirements.

Typically, a down-payment comes from personal cash savings, but it can also be a gift that is not to be repaid, or a borrowed amount secured by assets.

While conventional loan down-payments may be close to 20% of the sale price, government loans, such as FHA and VA, typically have lower down-payment requirements. This allows potential homebuyers who normally cannot meet down-payment requirements an opportunity to qualify for a mortgage.

Are you ready to get pre-approved for a mortgage?  Give me a call.  After a few questions, I'll be able to tell you what your best options are.

Ken
www.KenHallProperties.com
PH 951-760-3833

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