How much money do you need for a down payment?
How much of a down payment do you really need to buy a home? Sure, there are longer answers, but Residential Lending LLC's Michael Tait has a short answer in this short TikTok video.
Watch it here, and don't forget to like and follow us on TikToK
Use the convenient mortgage calculator on our website to help you get an idea of what a home mortgage payment would look like for you!
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Abbreviated transcript below:
Hey guys, this is Michael with Residential Lending LLC. Today I want to talk about how much money you need to get into a home.
There's a common misconception where people think that they need 10 or 20 or sometimes more of a down payment percentage when in reality, that's just not true. You can get in into a rural place with USDA financing with 0% down, and VA -if you check all the boxes - you can get in with 0% down as well. Conventional is 3%, and FHA is 3 1/2%.
So those are all very viable options, whether you're a first-time home buyer or not. As you can tell, you'd be surprised that those percentages are very small and do not require too much capital in order to get into a place
if you have any questions, please leave a comment, or give us a call. We'd love to answer any questions that you may have and be a resource for you!
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.