7 Tips for Coming Up with Down Payment Money
By Bo Kociuba, Realtor - Mustang, Yukon & OKC Metro 405-812-1572
(McGraw Realtors )
Zero down loans are (almost) entirely a thing of the past. While many wanna-be buyers are tucking their down payment pennies away, many of these folks feel that they’re missing out on deals in the meantime!Here are my top 7 tips for coming up with those critical down payment funds:Know how much you need to save. We all know that to reach a goal, you have to set a clear target. So, first things first: figure out exactly how much of a down payment you actually need. If you have a credit score of at least 620, you may be able to qualify for an FHA loan that only requires a 3.5% down payment. (For a $200,000 house, that’s $7,000.) Check in with your agent and mortgage broker regarding (a) whether you qualify for an FHA loan and (b) whether you’ll be able to find a property that works for yo...