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Hey Isaac,

Buying a new home is not a walk in park type of thing. One of the biggest obstacles any homebuyer would face is the need to pay for the down payment.

Down payment is a lump sum amount of money that need to you pay in advance against the home's purchase price. The bigger your down payment, the less money you need to borrow. Down payment is apart from the earnest money which you will have to pay to the seller, after you've made an offer to cover all the administrative and legal fees that must be paid before the ownership of the house will be given to you.

Usually, a twenty percent down payment is required for the buyers to pay, but depending on the strength of your credit report, you may be able to buy a house with less than twenty percent down payment. But this is usually in the case of high credit score and minimal debt.

The more time you have to buy a house, the better as this will mean longer time to save up for the down payment. You should start building your down payment fund as soon as you can. You can also check for down payment assistance program that is usually administered by national or local organization in case you fall short for your down payment.

Mika
Account Manager
​educationdivers.com​

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