How much should I save up for a downpayment?

How much should I save up for a down payment? This question is subjective because a lot of it depends on what you want your monthly payment to be and what type of loan program we're going to get you qualified for through the mortgage lender. There are current programs out there that require no down payment at all. And then there's some government programs that require 3.5% down. There's some conventional programs that still do 3% down. It just all depends. The mortgage lender is going to run different scenarios for you. So it's really, really important to start your home buying process with a mortgage lender. They're going to give you all the different scenarios, explain what type of loan programs, all your different options for down payment and what that equals in a monthly payment with today's interest rates. And then kind of works backwards and gives us a purchase price based on what you want your payment to be or what you can afford your payment to be. And then we start shopping out there based on what that purchase price ends up being. So it's super, super important to start with a mortgage lender and we can give you a great referral. Just contact us.

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