financing - Mary Ann Sawyers Real Estate

Your down payment will be based on the cost of the home and most likely one of the following popular loan programs...

  1. Conventional financing – For conventional financing, you need a minimum of 5% up to a maximum of 20% down.
  2. FHA financing – You will need a minimum of 3.5% down.
  3. USDA financing – You may not need a down payment.
  4. VA financing – You also may not need a down payment.
Here are a few more things to know if you go with conventional financing. If you put less than 20% down, you may be responsible for paying private mortgage insurance. Also, the lower your down payment on a home, usually the higher your interest rate and monthly payment. Mortgage lenders tend to offer better terms to those with a high credit score, a higher down payment, and a stable employment history.

Do you have a real estate question you want answered? Feel free to call or email me at 361-550-4304 or maryann@maryannsawyers.com