“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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