Down Payment

The amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 0 to 20 percent of the sales price for the property.  Of course the more money you put down typically the lower your payment will be so it never hurts to have as much money saved up as possible when entering into a real estate sales contract. However, you may qualify to buy a home with a low or no down payment option.

No Down Payment Options:

  • USDA Rural Development Loan
  • USDA Rural Development New Construction Loan
  • VA (Veterans) Loan

Low Down Payment Options:

  • Conventional Loan – minimum 3%
  • FHA Loan – minimum 3.5%
  • FHA 203(k) Renovation Loan – minimum 3.5%
  • HomeStyle Renovation Loan – minimum 5%

*Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend. Not all borrowers will qualify.

WARNING: We document everything these days.  Take extra care to document the sources for any monies to be used for the down payment or closing costs.

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Latest Blog Post

Understanding Property Tax Increases

Notice of Assessment
Example of what a property tax re-assessment looks like in Michigan

Many home buyers have been facing a very challenging market over the past few years. The current supply of homes on the market just can’t keep up with the huge demand out there. It’s not uncommon for a home to come on the market and be sold in a matter of days after receiving multiple offers. With this fierce competition, prices have increased substantially over the last few years and has made it challenging for home buyers to find a home within the budget/payment they had planned for.  Many go over budget to get the home they want only to have another blow to that budget the following year due to the property tax increase.  This increase on the property tax portion of the mortgage payment can really hurt home owners enough to create a financial strain.

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