November 2013

18 Nov 2013

Down payments in today’s real estate market

With interest rates settling down, the housing market is seeing continued activity from first-time homebuyers, who typically make up about 40 percent buyers. In addition to inquiries about credit requirements, the most common question from first-times is “How much down payment do I need on my first home?” There are a variety of great options that first-time homebuyers can and should consider, to get them into that first home. For buyers with a good credit score who have their own 5 percent down payment saved, the most affordable option may be a conventional loan with Private Mortgage Insurance (PMI). For this loan, you will be required to provide 2 months of bank statements to indicate that (1) you have the money...
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