First-time homebuyers have a lot of questions – and we available to answer them all. We encourage curiosity from buyers from the first time we meet until long after they sign the closing documents. Our job is to make their experience as positive as possible.
Questions about down payments are common, starting with how much money they need to put down. The answer to that question depends on so many factors. We usually respond with questions of our own to get a clear picture of their circumstances:
- Will there be a gift from family for the down payment?
- Do they qualify for a VA or FHA loan?
- How will their credit history affect the interest rate we can offer?
These are just a few of the questions we’ll solve before helping buyers determine what their down payment will be. Our blog about down payments may help.
About 60% of first-time homebuyers overestimate how much they need for a down payment, according to Mortgage Guarantee Insurance Corporation. That’s a lot of prospective buyers who are putting their dreams on hold. Industry data suggests the average down payment is about 7%.