understanding financing: Down Payment AND Closing Costs!
- 08/13/21 11:14 AM
I work with many first time homebuyers and it's very common for those buyers to believe that they only need to have cash for a down payment. For some reason, lenders aren't clear with the buyer/borrower that when they buy a home, they need money for both the down payment AND closing costs. There are all types of loan programs available to borrowers, but the one that most first time homebuyers are attracted to is an FHA loan (if they're not eligible for a VA loan which is no down payment). FHA loans only require 3.5% of the purchase price as … (0 comments)
I work with many first time homebuyers and it's very common for those buyers to believe that they only need to have cash for a down payment. For some reason, lenders aren't clear with the buyer/borrower that when they buy a home, they need money for both the down payment AND closing costs. There are all types of loan programs available to borrowers, but the one that most first time homebuyers are attracted to is an FHA loan (if they're not eligible for a VA loan which is no down payment). FHA loans only require 3.5% of the purchase price as … (0 comments)
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