HomeLight

AUGUST 29, 2022

Some conventional loans allow for first-time buyers to put as little as 3% down , subject to qualification requirements. FHA Loans usually require a minimum down payment of 3.5% — so if you purchase a house for $325,000, expect to put down at least $11,375 with this type of loan. Earnest money deposit amount.

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HomeLight

JANUARY 12, 2022

Next steps include the home inspection, appraisal, and final paperwork. But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. Broken down by type of loan, you can expect the following: . Conventional loan. Complete home inspection: 5-15 days.

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HomeLight

JANUARY 27, 2021

Home financing. You can usually shop around for the home inspection , title and settlement services, and home insurance. This can save you some money on your closing costs versus going with whoever the lender works with as a default. Definitely include an inspection contingency. Source: (Tomas Yates / Unsplash).

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HomeLight

NOVEMBER 29, 2021

Research and strategy are involved when deciding on a figure for a down payment, which will depend on your savings and how much you’re willing (and able) to finance. Conforming loans can be bought by the government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae, and therefore have to meet their loan standards.

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HomeLight

SEPTEMBER 1, 2022

These programs include: Connecticut Housing Finance Authority (CHFA) : The Connecticut Housing Finance Authority offers down payment assistance to first-time buyers in the form of a second mortgage called a DAP loan. Both the down payment and closing costs can be financed up to $20,000, with an interest rate of just 1.0%.

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Earnest money deposit FHA loan Purchase and sale agreement Inspection 91

HomeLight

MARCH 6, 2023

Consider the following down payment assistance programs in the Bay Area: Golden State Finance Authority (GSFA) : The GSFA offers several programs that can help low-to-moderate-income homebuyers in California purchase a home by providing up to 5.5% Loans are between 3%-3.5% down payment and/or closing cost assistance.

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HomeLight

AUGUST 9, 2022

Closings costs for buyers often clock in between 2% and 5% of the purchase price, and expenses beyond your down payment may include some (or all) of the following: Property inspections. Loan origination fee. How much you’ll put down depends on the specifics of your finances, and what kind of mortgage you’re getting. Escrow fee.

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