Do You Know How Much Money You Need for a Down Payment?

Dear Ali, 

 

If you're considering buying a home soon, you've probably wondered: how much money do I need for a down payment? 

 

Although there's no easy answer, there are some general guidelines to help you save for your dream home! 

 

Down Payment Facts

• Federal Housing Administration (FHA) loans generally need a 3.5% down payment. 
• Conventional loans generally require at least 5% down. 
• Remember, putting a larger percent down could lower your monthly payments and eliminate the need for Private Mortgage Insurance.

Deciding how much money you need to put down when buying a home is a big decision, but you don't need to make it alone! I'm here to discuss your options and help you crunch the numbers. 

 

Sincerely,

Anna Smith