How much money do I need to buy a house Now that’s a is a question for the ages, right!!! Check out this short video and
My answer to that is.. it really depends.
The first thing that you need to do is talk to me. Find out what kind of programs you qualify for. A big part of the money is, how much do you want your payment to be?
Now, a lot of people that I work with in the Inland Empire don’t just have 20, 30, 40, $50,000 laying around. If that’s the case, then FHA or VA or a low down conventional is probably going to be your best option. Freddie Mac and Fannie Mae both have low down options available. Usually people that have extra cash opt for a 20% down conventional loan so as to avoid the Mortgage Insurance (MI).
There are first time buyer programs out there where you just need a total of 1,000 and $2,000 if you qualify. Those buyer programs all have income limits. The income limits are there because the assistance should go to the people that are making a moderate or less than moderate income as per the County or City averages. The programs are there to benefit low income families. FHA is 3.5% down. Conventional has anywhere from 3% to 5% down, and VA is zero down.
So, how much money do I need to buy a house, depends on many factors as you can see above. For answers to questions like these and many more don’t hesitate to pick up the phone and call us at (909) 920-3500.
We will be happy break it down for you. TDR home loan mortgage company is a trusted provider of home loan mortgages and home refinance.