A Beginner’s Guide to Down Payments for a Home
Down Payments Defined
It’s important to note that this definition of a down payment does not include an exact percentage or amount of money that you must pay. This is because no two down payments, or home buying situations, are identical. Ultimately, the down payment you go with for your first home will depend on an array of factors, like your financial circumstances and the type of loan you take out for your home.
The general consensus is that it’s a good idea to put as much money down as you can: the more money you put down, the more equity you’ll have in your home upfront – and the less you’ll have to pay in interest. That being said, a substantial down payment isn’t the end-all, be-all to homeownership; it’s completely possible to successfully and responsibly purchase a home without a massive down payment.
Types of Loans
Federally Backed Loans
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