Understanding My Savings
You will need money saved for your down payment in most cases. Down Payment amounts required vary by loan but usually start at a minimum 3.5% of purchase price for FHA loans and are larger for more conventional loans.
There are a few programs that offer low down payment if you are eligible. You may receive money as a gift from family for your down payment. Gift money allowed varies by loan program. Ask your lender for more details. You may also need savings for repairs or renovations on your next home. Don’t forget you will need money saved for moving expenses and furnishings.
Want more homebuying advice? Nestiny is a great place for homebuyer education and to help you gauge how ready you are to buy a home. Journey Homeward allows you to enter all of your wants and needs while the True Affordability Tool will break down your budget, showing what you can comfortably afford. You will also receive a free Ready Report that is personalized based upon the information that you entered. This report will give you a vital head start in the home buying journey, saving you valuable time and money.