Seattle Real Estate | What Do I Need For a Down Payment on a Home Today?
Seattle Real Estate | What Do I Need for a Down Payment on a Home? Here’s one of the most common questions we receive in our new home buyer classes and we have a few answers for you. I’ll explore a couple scenarios with you in this article and share what might be a couple good options for most people. Common myth: You must have at least a 20% down payment of the purchase price to buy a home. False! Truth: There are a variety of programs available in Washington State and locally including the option for an ‘FHA’ loan which requires 3.5% down payment typically. Or maybe you qualify for ‘down payment assistance’ with a particular City or other programs. Last year I had a client qualify for $40,000 of down payment assistance on a $385,000 purchase price. Or you could go with a 5% or 10% down payment ‘Conventional’ loan that has better benefits to you [...]