How Much Money Is Needed for a Down Payment?

Today we have a special guest with us, the mortgage “whip,” Andrew Whipple with WE Lending. We’re discussing how much money you need when you’re buying a home. Sometimes I have clients say they don’t have enough money to buy a house, or they don’t know how much money they’ll need. 

To begin, putting 20% down is an outdated expectation since you can now buy a home with as low as 0% down. There are many wonderful programs to help you: VA loans for the veterans, USDA loans for rural areas, conventional loans for first-time homebuyers, and FHA loans for almost anyone. For most loans, you only need a down payment of 0% to 5%. Every state has programs and grants for helping those who qualify, especially first-time homebuyers. 

If you need more information or want to get in touch with Andrew, call him at (856) 924-1682. 

If you’re looking to buy, sell, or invest in real estate, please reach out to me via phone or email. I would love to help you.