First Time Home Buyer Tips – Part 2

One can’t go wrong having a solid down payment when buying a house. Jeremy Wilhelm,our guest contributor on the importance of down payment.

Down Payment: When planning the amount needed for a down payment many of my clients don’t realize the perks of meeting with their realtor or lender first. One of the common questions clients ask is “how much money will I need to put down when we close on our home?” Asking these questions in advance can eliminate the stress when it comes time to do the actual loan. Did you know most buyers have been bringing the minimum down payment without having to pay any closing costs? Sellers right now are typically paying for some or all of the costs associated with the transaction. So, if you’re an FHA buyer you would only be required to put the minimum of 3.5% down! This is HUGE!!! Depending on the program down payments for first time home buyers can range anywhere from 0-5% down.

Jeremy Wilhelm is Mortgage Planner at the Private Mortgage Group.To contact Jeremy, please visit http://www.theprivatemortgagegroup.com/jeremy