How Much Cash Do You Really Need to Buy a Home?

Are you ready to buy a home? It’s an exciting—and stressful—process. When you’re taking such a huge step, you have a lot of planning and evaluating to do.

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Down Payments and Mortgage Options

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Let’s imagine your dream home is on the market for $200,000. Here are your potential down payment costs:

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Closing costs, which include taxes, appraisals, title costs and attorney fees, are generally between 3% and 6% of your mortgage principal.

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Financial Resource Ideas

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Legitimate funding sources for a down payment:

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How Much Cash Do You Really Need to Buy a Home?

Are you ready to buy a home? It’s an exciting—and stressful—process. When you’re taking such a huge step, you have a lot of planning and evaluating to do.

Down Payments and Mortgage Options

It’s exciting to buy a home.

Three popular mortgage

- Conventional Mortgage - USDA Mortgage - FHA Mortgage

Let’s imagine your dream home is on the market for $200,000. Here are your potential down payment costs:

Home-Buying Example

– Conventional mortgage. Between $10,000 and $40,000, depending on the lender. – USDA mortgage. Possibly $0. – FHA mortgage. As little as $7,000.

Closing costs, which include taxes, appraisals, title costs and attorney fees, are generally between 3% and 6% of your mortgage principal.

Typical Closing Costs

Financial Resource Ideas

You can’t borrow money for a down payment. You have to be able to show a paper trail for the cash you use to buy a house.

Legitimate funding sources for a down payment:

– Stock or bond sale – An IRA or 401(k) withdrawal – Money from your checking or savings account – Cash from a money market account – A portion of your retirement account – A monetary gift

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