How much do you need for a downpayment?
Here’s a breakdown for you:
👉 20% is the standard and it will increase your chances of getting a lower interest rate. Also, with the 20% downpayment, you won’t need private mortgage insurance, which ranges from 0.55% to 2.25% of the original loan amount per year.
👉FHA loans, which stand for Federal Housing Administration, only require that you put 3% down. If you are wanting to put in a lower downpayment, be sure to look into FHA.
👉The AVERAGE amount a homebuyer puts down is 6%, so try not to get too overwhelmed with all the numbers here. We can give you all the information you need when it comes to loans! Give us a call today and let’s discuss your options and get you moving into that dream home.
Call us at 843-584-TEAM or check out homes at FindHomesInCharleston.com
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