The amount you need to save for a down payment will depend on the type of loan you are applying for, your income, and the price of the home you are buying. Generally, you will need at least 3.5% of the home’s purchase price for an FHA loan and between 5-20% for a conventional loan. If you are a first-time homebuyer, you may be able to take advantage of special programs that can help you with the cost of a down payment.
Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your down payment options.