How to Buy a Home with a Low Down Payment
What is the lowest down payment requirement to buy a home?
Knowing ahead of time, what is required minimum down payment needed to purchase a home can help you to set a benchmark towards saving for home. Under the Veterans Administration, you get purchase a home for ZERO down payment. You must be an American Veteran with a positive discharge. Otherwise, the minimum down payment needed to purchase a home fall under the guidelines of both the FHA (Federal Housing Administration),and conventional lenders like those who have loan programs under Freddie Mac and Fannie Mae. The minimal sum required for a down payment is 3.50% of the purchase price.
Now, you will be required to pay for the down payment as well as have enough cash reserves. Additionally you will have to pay for your closing costs unless you can negotiate with the seller to have them pay the Non-Recurring Closing costs. That can save you some money. We have a team of seasoned loan agents at LendPlus Financial who can run the numbers for you so you know exactly how much money you need to purchase at the least costs.
If you are working with a Realtor, we would like to speak with her or him. We can provide valuable information regarding your loan qualifications and give them the figures they need to get the seller to pay for your non recurring closing costs.
We look forward to speaking with you.