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"How Can I Get a House With a Down Payment Saved Up But No Financing Yet?"

With an FHA loan, you can buy a home with as little as 3.5% down, but you'll still pay an upfront premium of 1.75% of your loan amount.

USDA loans allow you to buy a home with no down payment, but you must be a low-income borrower buying a home in a designated rural area.

To qualify for a USDA loan, your income cannot exceed the moderate income limit for the area, which varies by location.

With a VA loan, eligible veterans and service members can buy a home with no down payment and no private mortgage insurance.

To get a no-down-payment home loan, you may need a credit score of at least 620, and getting your credit score above 700 is even better.

Down payment assistance programs can help with closing costs, but you'll need to meet specific income and credit score requirements.

With a conventional loan, you'll need a credit score of at least 620 to qualify for a mortgage with a 3% down payment.

A 10% down payment on a $350,000 home would be $35,000.

Receiving a down payment gift from a family member can significantly ease the financial burden of buying a home, but your lender must accept the gift.

With a Rocket Mortgage, clients will be required to pay a 1% down payment, and Rocket Mortgage will cover an additional 2% of the client's purchase price as a down payment, up to a maximum of $7,000.

Putting down a minimum of 10% or 20% of the home price can often save you money because a higher down payment will likely mean your monthly mortgage payment will be smaller.

Putting less than 20% down will also require Private Mortgage Insurance, which is charged monthly and will increase your mortgage payment costs.

You can explore state or local down payment assistance programs, which might be able to help with closing costs.

To qualify for down payment assistance, applicants must meet specific income and credit score requirements, which vary by program.

Getting prequalified gives you a lender's estimate of what you can afford based on your self-reported income, assets, and credit score, and most lenders can prequalify you online with no impact to your credit score.

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