Buying or Selling a Home

Financing a Home Purchase

What do I need for a down payment?

Some people may qualify for special government-insured loans offered through the Federal Housing Administration (FHA) or Veterans' Administration (VA). The down payment needed for these loans is minimal. But, unless you can qualify, you will often need a down payment equal to 20 percent of the purchase price to avoid paying the extra cost of Private Mortgage Insurance (PMI). This insures the lender against nonpayment of the difference between the customary down payment and the down payment actually paid.

>>How much money will a lender provide for my home purchase?
>>What do I need for a down payment?
>>What will I need for closing costs?
>>Should I pre-qualify for a loan?
>>I want to buy a home but my credit history is poor. Is there anything I can do?


Practical Law Home | Buying or Selling a Home | Basics of Buying a Home
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | *Financing a Home Purchase* | The Closing | The Fair Housing Act
Where to Get More Information

Advertisement