Featured Properties


 Home Search

 Dream Home Finder

 Community Links

 How to Buy a Home

 Sell Your Home

 Get a Mortgage

 About Scott
 Contact Scott

How do I get a Mortgage?

How Much do I Need for a Down Payment?

In the past, saving money for a down payment on a home was often the largest obstacle to home ownership.

But today's flexible home loan programs make this issue less of a challenge. In fact these days, home buyers who qualify may choose to make a minimal down payment, even though they have saved up a sizable nest egg.

Some home buyers may be eligible for a down payment assistance program. If one is available in the area in which you are thinking of buying a home, my Mortgage specialist can give you further details.

Or, depending on the loan program you choose, you may be able to buy a home with a very low down payment (three percent or less), or no down payment at all.

Keep in mind, if you make a down payment of less than 20%, you are required to pay the added cost of mortgage insurance (MI), sometimes referred to as private mortgage insurance (PMI). MI protects the lender in the event you do not fulfill your commitment to repay the mortgage, so lenders are more willing to offer mortgages with small down payments.

In addition, most loan programs also require you to reserve enough money to cover one or two months of mortgage payments after your closing.

See tips on shopping for a mortgage!

How to

Can I afford it?

Credit History

Down Payments

Closing Costs

How big a loan?

Mortgage Payments

Financing Choices

Government Loans

Conventional Loans

Loan Shopping Tips