Home/Homebuyer Resources

How much do I need for a down payment?

By |2021-04-08T19:33:03-05:00February 27, 2021||

The national average down payment for a home sits right around 11%. However, the average for first time home buyers sits closer to the 3-5% range due to several first time buyer programs. The FHA loan requires only 3.5% down while others like VA and USDA loans might require no down payment at all but are more restrictive.

What is earnest money?

By |2021-04-08T19:34:03-05:00February 27, 2021||

Earnest money is a payment sent with an official offer to represent to the seller your genuine and serious interest in purchasing the house. The amount is typically 1-2% of the purchase price of the house and essentially takes the house of the market. If a deal is made then the earnest money will be applied to the down payment and closing cost.

Do I need to arrange a home inspection?

By |2021-02-27T22:22:03-05:00February 27, 2021||

Yes, absolutely! Many loan programs, like the FHA and VA loans, require a home inspection. However, even if it is not required by your lender it is still highly recommended because they can reveal easily overlooked defects in the house. A good home inspection will bring peace of mind to one of the largest investments of your lifetime.

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