Saturday, October 20, 2018
 Buying  |  Selling  |  Financing  |  Relocating  |  Homeowning  |  First-Time Buyer 

Refer A Friend

Randi F. Rainmaker
CLHMS, GRI, ABR, CCIM, ePro, EcoBroker
Gooder Group
2724 Dorr Ave, Ste 103
Fairfax, Virginia 22031

Office: 703-698-7750
E-mail Me
Visit My Website
Hottest New Listings!
Exclusively ZIP 20902
Search All Homes
Featured Properties

Improve Your Chances Of Getting The Right Loan
Six Tips For Getting The Best Loan
Put Your Home's Equity To Work With Six Savvy Strategies

Select FAQ of Interest
Everything You Need To Know About Real Estate

I’m concerned I might not have saved enough money for the down payment. What can I do?

Traffic Blockade A lack of down payment money may feel like a roadblock denying you homeownership. Many consumers are frustrated in their attempts to save enough for a down payment. But many buyers are able to purchase a house with a down payment of only 5% of the sales price. The monthly mortgage payment is a little higher for low down payment loans, however. The lender usually requires private mortgage insurance (PMI) to cover the difference between the actual down payment and an ideal down payment of 20%. Once the new owners' equity in the home reaches 20%, however, the PMI usually can be dropped.

If coming up with the down payment presents a hurdle for you, there are a number of ways you can meet this challenge:
  • Loans insured by the Federal Housing Administration (FHA) require low down payments.
  • The Veterans Administration (VA) financing for qualified veterans calls for no money down.
  • Some states and localities have special programs to help first-time buyers get into a home.
  • You can beat the up-front money crunch by rolling closing costs into the mortgage – an option offered by some lenders.
  • Or, you can opt for a slightly higher interest rate with no points.
  • Some lenders allow buyers to finance mortgage insurance, so less money is due at closing.
  • Also, think about asking the seller to help with closing costs or points.
More Help For Financing


Tip of Week

Quote of Week


Search all the homes for sale in our area.

Become a VIP buyer or seller. Beat your competition to the best properties in today's market. No cost, no obligation.
FREE Electronic Real Estate Reports:
These reports can help save you thousands, delivered free to your inbox.
MAGIC Improve Your Chances Of Getting The Right Loan
MORE FOR LESS Six Tips For Getting The Best Loan
IDLE EQUITY Put Your Home's Equity To Work With Six Savvy Strategies
MORTGAGE Insider's Guide To The Latest Home-Loan Opportunities
SHELTER Six Little-Known Ways To Help Relatives Finance a Home
QUALIFIED How Much House Can You Really Afford?
OPTIONS Ten Savvy Ways To Pay For A HomeToday
LOWER RATE Seven Smart Ways To Reduce Your Mortgage
CREDIT REPAIR How To Move From Rejection To Approval
WHY REFI Five Great Reasons To Refinance Today
Home  |  Information Center  |  Ask Us
Buying   |  Selling   |  Financing   |  Relocating   |  Homeowning   |  First-Time Buyer
Copyright 2018, Gooder Group.
Absolutely no part of this page may be reproduced or distributed without written permission.
All rights reserved by Gooder Group, Gaithersburg, MD, (703) 698-7750.