Down Payment

The bigger the down payment, the lower your monthly payments, and the more likely you are to be approved.

Down payment amounts are not set in stone.  Depending on the assistance program available to you and the area you are buying in, your down payment could be very small, even $0!  The standard you would expect to have to put down is 3% – 20%.  Ask your lender and Realtor about Home Buyer Assistance programs for your area and circumstances.  Even though it may seem more difficult to get a loan these days because of all the things you see on the news, local, state and the federal governments are doing what they can to still make homeownership affordable.  And with interest rates below 5%, it’s even easier as long as you have income and a low enough debt to income ratio.