How much down payment do I need for a home loan?
Looking to Buy new home? If you’re a renter who’s tired of paying someone else’s mortgage, now may be the time to pursue the American Dream of ome ownership. In fact, the days of needing a 20% down payment are long gone. While you can always elect to put down the full 20% or more, here are some facts you need to know if buying a home.
Thinking of purchasing a home, Contact Casey to check your buying power and make a plan to improve you buying power....
In the mortgage industry, 20% down is considered the benchmark down payment for looking strong on paper as a home buyer. While this a general standard for financial strength, it is by no means a requirement, nor is it necessarily expected.
However, keep in mind that your purchase offer amount – your buying power — drives the negotiation. How strong you are on paper does help, but when you make an offer to buy a home, the seller of the property has no idea of your financial strength other than what your real estate agent tells them and what’s on your pre-approval letter. The price on the offer dictates whether you’re in the game for the house, or whether you’ll continue to be on the search.
Contact Casey English 228.327.3888 to discuss your best mortgage options.
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Homes for sale Mobile, AL.