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 When you're buying a home, you can put as much or as little of your own money into it as your finances dictate - from no-cash to all-cash. It depends on your available money and the practices of different lenders.
A 5, 10, or 20% down payment are typical, and if you're shopping for a mortgage, you can bet lenders will more readily commit their money when you commit a healthy portion of yours. Less than 20%, and lenders generally take a harder look at your whole financial situation. They are also apt to require either private mortgage insurance (PMI), or the government backing of the Federal Housing Administration (FHA) or the Veterans Administration (VA) - all good and available options for buyers who simply don't have the 20% cash.
Under the new tax law, it may be to your advantage to pay the 20%, if you possibly can - especially if you have to buy private mortgage insurance. PMI costs you up front, at closing and again in annual premiums.
If you need help, we'll be glad to advise you. Just e-mail us or give us a call.
Learn more about mortgage regulations, practices and products in our FREE e-Report, Mortgage: Insider's Guide To The Latest Home-Loan Opportunities.
Lon Reed
800-693-9811 Toll Free (Direct)
ePro Certified Realtor®
Certified Loss Mitigation Consultant
Certified Credit Consultant
Short Sale/Foreclosure Specialist
San Antonio, TX 78258
800-362-2949 Toll Free 24/7
http://www.OneCallHomeRescue.com
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http://www.CTXEnterprises.com
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You have a great and highly informative site, Lon. I personally know a number of folks whom are struggling with house payments and have minimal, if any, equity (none are our past customers fortunately). I have forwarded your link to some of them and have it highlighted for future use.
Thanks
R