How much cash do I need for a down payment to purchase a home?
A down payment is the amount of cash you put towards the sale price of the home you are purchasing. It reduces the amount of money you will need to borrow.
Your lender will require you to have a down payment, depending on the type of loan you qualify for.
Types of loans and % down payments required:
🏦FHA: 3.5 % down
🏦Conventional: 3% – 20% down
🏦 VA: 0% down
To figure out your down payment, just multiply the price of the home you want to buy by the % listed above.
*When you put down 20% or more on a conventional loan, you eliminate PMI or Private Mortgage Insurance! It’s typically $100/month for every $100k you borrow.
Why Client Service is Important to Us
Buying or selling a home can be a daunting task. It is one of the most personal and important decisions you'll make in your lifetime. Since it can be stressful, you want to ensure you have someone on your side who knows what they're doing. That's where our realtors...
Is Now a Good Time to Buy a Home?
The real estate market has been on the rise for the past few years. Home prices have been increasing, and more people are investing in property. However, recently, interest rates have begun to climb as well. So, is this still a good time to invest in real estate? We...
Homestead Exemptions in Florida
If you're a homeowner in Florida, there are several types of homestead exemptions that can be claimed on a property that could potentially save you big money. As every homeowner quickly learns, every penny counts! Homestead exemptions are pain-free ways to potentially...
FIVE Benefits of Living on the Space Coast
Florida’s Space Coast is so much more than a beautiful vacation destination! It’s no coincidence it’s ranked the #1 place to live in Florida by the U.S. News & World Report, and why it’s continually praised for having a strong quality of life for those who call it...
Rocket Launches on the Space Coast
The growing list of reasons to visit the beautifully unique Space Coast in Central Florida are enough to convince any vacation enthusiast to start planning a trip! With 72 miles of gorgeous coastline to enjoy, a plethora of world-class golf courses scattered...
Staging a Home for Sale
What is Home Staging? A well-decorated home is a priority for many homeowners, but there’s a big difference between a beautifully decorated living room and one that is well-staged. For the purposes of selling a home for the highest and best offer available, excellent...