Private Mortgage Insurance

How to save for a down payment

amefika4 months ago07 mins

There are many strategies for saving for a down payment, including maximizing your savings, reducing everyday expenses, and applying for down payment assistance. You probably don’t have to save 20% for a down payment on a home. Conventional mortgages require only a 3% down payment and FHA loans only require a 3.5% down payment, depending…

This map shows how long it takes Americans to save for a 20% down payment vs. 5%

amefika7 months ago05 mins

When you buy a home, a larger down payment can give you better terms on your mortgage. A 20% down payment is considered the gold standard, but it is out of reach for many homebuyers, and a 20% down payment is not required. Many lenders accept a down payment of 5% or less. Let’s see…