Find out here how much money you may need to put down when buying a home.
How much of a down payment do you need to buy a home? The answer to that question is best answered by a mortgage broker or lender of some sort. But generally speaking, you don’t need to put 20% down. Some will tell you that’s too much to put down on a house, because these days you’re only saving yourself 4% interest, so you could most likely make more money by putting that 20% somewhere else.
Usually, you can just put 10% down. Sometimes you can still avoid mortgage insurance if you put less than 20% down. Some lenders can give you very low down payments, even a zero down payment, depending on your circumstances, like where you work and what credit union you belong to.
There are low-to-moderate income programs that not only have zero down payments but also don’t make you pay any mortgage insurance at all. Some of our partner lenders provide North Carolina housing assistance programs which give you about 1% down.
If you have any questions about those programs, don’t hesitate to give me a call or send me an email, I’d love to speak with you.