One of the biggest hurdles to buying a home is the down payment. Saving up a chunk of change can be difficult, so getting creative is a key.
The amount of your down payment is dependent upon many potential issues, but two come to the forefront. Each of these can reduce or increase the amount of cash you have to come up with for the home of your dreams.
1. Credit Score Generally, the better your score, the lower the down payment.
2. Price The selling price of the home is key because the down payment is expressed as a percentage of the home price or appraisal amount.
Either way, the down payment can amount to a serious chunk of change. For many first time buyers, this is a huge hurdle to overcome. They skimp and save everything they can, but saving up many thousands of dollars can take time and be frustrating. Fortunately, many first time buyers have already been saving up for their down payments, but dont realize it.
The Bank of You The federal government looks very favorably on home ownership. This means it makes every effort to promote the real estate market through incentives and tax...