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Tuesday, December 4, 2012

Mortgage Downpayment

 "How much money will I need for a down payment to buy a house?"

There are several different programs today, just keep in mind that you must have a 640 credit score to do majority of the programs! Here is a break down of some of the common programs:

VA: 100% financing for military
USDA: 100% financing in rural areas (Elmore county)
FHA: 3.5% downpayment
Conventional: 5%

HUD foreclosure: $100 downpayment
FNMA foreclosure: 3% downpayment

These are just some snippets for you to think about. I am happy to go into more detail and consult you on which options may work best for you! Remember, overall a loan officer will be the determining factor of the loan program best for you!

Call Sarah Little 334-294-2666 w/Keller Williams Realty for your home buying consultation.

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