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Financing Your New Property

Tools for Calculating Costs

There are many types of loan products available ranging from 0 to 30% down. Some loan packages such as veteran packages require 0% down while an investment loan might require 30% down. Should you and the home qualify for an FHA loan you might only have to put 3.5% down. If you qualify for a conventional loan you might put 5% to 20% down. Please contact a loan officer to confirm this information and to learn more about what product suits you best.

Don’t forget that if your down payment amount is less than 20% of the total purchase price, you will need to purchase mortgage insurance aka PMI. Mortgage insurance guarantees the debt against default. This will add to your monthly payment and is important to factor in. Please contact a loan officer to learn more about this cost.

Another very important topic is where your funds for the down payment will be coming from. Usually banks like to see “seasoned” funds, meaning that you have had the money in your possession for a longer period of time, usually 3-6 months. Without seasoned funds you may have to obtain additional documentation as to where the funds were sourced. Sometimes you can get gift documentation to support this if the money was given to you. Please contact a loan officer to confirm this information.


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