FOUR WAYS TO BE A
FOUR WAYS TO BE A
HOMEOWNER SOONER
In order to buy a house, you will need to secure a down payment of at least 3.5% of the purchase price, plus the amount of any closing costs. For an estimate, plan on paying between 3% and 5% of the purchase price in closing costs. When you get pre-qualified, your lender will provide you with a Good Faith Estimate that will give you a more precise breakdown of these fees.
1) Take the time to see if you qualify for down payment or closing cost assistance programs in your area and you could save thousands!
2) Have a portion of your income automatically transferred into your savings account each month. You’ll save quickly and not have to think about it.
3) Although lenders do not let you borrow money to come up with a down payment, they will generally let you use gift money from a relative.
4) If you purchase a home from a builder, you may be able to enjoy exclusive offers and special financing available from that builder.
You owe it to yourself to be an informed buyer. The Internet is a good place to start. You can view homes currently on the market, as well as recently sold houses in your area, to get an idea of current prices. You can also look up tax information and explore market trends by neighborhood or ZIP code.
Information needed at Loan Application
