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How much should I save to buy a house?
How much should I save to buy a house?
One of the first questions that come up when starting the home buying process is how much money do I need for a down payment? There are a few factors that can help you get closer to the amount you need.
Each loan program has a minimum initial payment percentage and each financial situation is different.
FHA you can put a down as low as 3,5%
Conventional you can put a down as low as 3%
You can start thinking about the value of the down payment as a percentage and you will save more.
Additionally, the purpose for which you buy the home can also be a determining factor in the amount of the down payment. If you plan to buy it to live for a short period of time, a low down payment may be more convenient, since you will not live in the house long enough to get your money back; however, if you plan to live in it for many years, a high down payment will be more beneficial.
Having these two points clear, you can save in a better way to buy that house that you long for. If you need more advice about it you know you can call me, I will make it simple and safe!
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