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Ready to Start Preparing to Buy a Home?
Ready to start preparing to buy a home?  Here is a handy checklist of things you should do first! 1. Start saving The media is filled with stories of buyers purchasing properties with little or no down payment, but that is just a small slice of the overall picture.  In most cases even a “low down payment loan” will require a 5% down payment, and you will very likely be paying closing costs (which can run upwards of 2.5% of the loan amount) as well.  Some loans will allow you to bundle the closing costs into the loan, but not all. (Some state and local governments offer down payment assistance programs for first-time buyers, so you’ll want to check on that.)
 
Keep in mind that while a low down payment loan may sound like a great idea, it means that you will have a higher monthly payment and that you will be required to qualify for a higher loan amount. In addition, the lender will require private mortgage insurance on the loan which can translate to another hundred dollars, or more, per month being added to your payment.
 
To put yourself in an ideal purchasing position, you ... more

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