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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.
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