The more cash you can scrape together towards a down payment, the better your interest rate may be. BUT don’t wipe out your entire savings. You’ll need some cash reserves as a new homeowner.
You can buy a home with less than 20% down, but a smaller down payment means paying Private Mortgage Insurance (PMI)—typically 0.5-1.5% of the original loan amount.
If you’ve been piling up cash for a down payment but can’t seem to make any headway, a down payment assistance program (like an FHA loan or VA loans) might help.
Down payment questions rolling around in your head? Let me help! DM me your questions, and I’ll be in touch!
Buyers
3 Things to Know About Down Payments
