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How Can I Save for a Down Payment in Rocky Mount, NC?
How Can I Save for a Down Payment on a
Home in Rocky Mount, NC?
 
Where do I start on saving for a down payment on a home?  
First, determine how much home you can afford, your total down payment, bank expenses in conjunction with the loan, closing costs, inspections, insurance, etc.
Second, determine how soon you want to buy your home. Keep in mind that interest rates are always going to be one of the main variables as well as the type of loan you use.
So how do I come up with this information?  Your local mortgage lender. This is the best place to start, as they can give you an accounting of the costs associated with the home purchase, but they also have access to your credit score which is a vital piece of information in the process.
 
Here is an example:
 
For this example, we are using a purchase cost of $100,000 with an FHA loan requiring 3.5% down, plus roughly 3% more to cover the additional purchasing costs. By no means are we representing this as actual numbers needed.  In this example only, your total cost would be $6925.
If you are looking at purchasing in 5 years, the numbers break down as $1385 needed ... more

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