Down Payments

    “I want to talk to you about how much money you need for a down payment.  Many people still think you need to put down 20% of the purchase price on a home.  That is not true.  You can buy a house for much less.  Some loans do not require any down payment.  Both VA and Rural Housing need 0% down payment requirement.  If you are a veteran or looking in an area designated as rural, then you may qualify.  FHA loans only require 3.5% downpayment, so for example on a $100,000 home your downpayment would be $3,500.  If you’re a first time home buyer, then your down payment only needs to put down 3% of the sales price on a conventional loan.  Of course the more money you put down, the lower your monthly payments will be.” – Jenny Wynn at Guaranty Mortgage (706) 615-2338

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