Sunday, February 22, 2015

How Much Money Do I Need To Put Down When I Buy A Home?

The number one question I get from home buyers: How much money do I need to put down when I buy a home? Well, according to a recent report by CNN Money:

"Borrowers who have steady income and good credit, but not much money in the bank, will find that it recently became easier to buy a home."

And the news gets better...

"It's one of the things that's inhibiting first-time homebuyers," said Rob Chrane, president of Down Payment Resource. "There are a lot more people who can qualify for a home that don't realize that they can."

The bottom line most industry professionals agree on is the more you can afford to put down the better, but if you don't have a lot of savings you can still get into the new home of your dreams. Stricter guidelines will help to ensure that you're not getting in over your head like a lot of borrowers did a few years back. It's really about what your monthly expense works out to.

My advice is stop wondering and find out. Call or email me and I can help get you started at no cost to learning what you can afford.