- The more cash you can scrape together towards a down payment, the better your interest rate may be. BUT don't wipe out your entire savings. You'll need some cash reserves as a new homeowner.
- You can buy a home with less than 20% down, but a smaller down payment means paying Private Mortgage Insurance (PMI)—typically 0.5-1.5% of the original loan amount.
- If you've been piling up cash for a down payment but can't seem to make any headway, a down payment assistance program (like an FHA loan or VA loans) might help.
Down payment questions rolling around in your head? Let me help!
Crystal Albertson | DFW Area Realtor® | Ebby Halliday
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