How much money do I need for a down payment?

What a great question and I recently realized how relevant it was. The media has created a misconception that if you want to buy a home today you need to have at least 20% down.

Fortunately that is just not true! I was talking with a very good friend of mine the other day and in our conversation I realized he thought 20% down was the standard. This guy is a well educated business man who knows his stuff when it comes to financing. It dawned on me that if he thought 20% down was the norm then everyone probably thinks the same.

Here is the great news of the day. There are several programs out there that are available that allow you to purchase a home with less than 20% down. The most popular of those right now is the FHA program which allows you to purchase a home with as low as a 3.5% down payment. Of course there are always qualifying criteria but I encourage you to give me a call or shoot me an email if you have more questions. I will gladly refer you to a great lender who can answer all of your questions.

Oh, and don't forget it is always fun to "shop" for homes at NewmanSellsHomes.com. It doesn't cost a thing!

Have a great weekend!