By Jason Boone
If you’re thinking about buying a home soon here’s how much money you can expect to put down on home.
Buying a home can be one of the most exciting things that you will ever do in your entire life because, there’s some much information to process especially if you’re buying for the first time.
One of the most common Real Estate Questions that people want to have answered is how much money they will have to put down when buying a home and that depends on the financing that they choose.
Veterans Administration (VA) Loan
When using a VA loan you can expect to put nothing down because 100% of your mortgage loan will be covered by the Government thanks to your VA Loan benefit.
With a USDA loan you can expect the same thing as a VA loan in that you won’t have to put anything down.
Federal Housing Administration (FHA) Loan
More people than ever before these days are choosing FHA home loans and with this form of financing you can expect to put down 3.5%.
Choosing a conventional home loan is something that most home buyers will be doing these days and they can expect to be required to put down at least 3% to 5% depending on their credit score.
One important thing to keep in mind is that the higher your credit score is the lower the down payment amount is that you will be required to come up with so be prepared for that before you contact a mortgage broker.
For all of your Real Estate Needs contact me today by calling (541) 383-1426 especially if you plan on buying or selling a home in Bend.