How Much Do You Need for Your Down Payment?

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How Much Do You Need for Your Down Payment?

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Take a look at this article and let us know if you would like more information regarding down payments. Our friendly and experienced Realtors are available at 734-480-8650.

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Do You Have Enough Money Saved for a Down Payment?

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Do You Have Enough Money Saved for a Down Payment?

You don’t actually have to put 20% down for a house. For a first time buyer, you only have to put 6% down on a house which means if a house is listed at $310,600, you only pay $18,636. There are also many programs to lower your down payment even more!.

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With Mortgage Rates Up, Requirements Are Easing

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With Mortgage Rates Up, Requirements Are Easing

The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen.

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