How much is required for a down payment?

The required amount of a down payment varies from 0% to 20% of the purchase price of the home and depends on the type of mortgage program you choose, the purchase price of the home and your financial situation. It is good to keep in mind, though, that the more you pay down, the less you have to borrow and the more equity you will have in your home.

What about closing costs?

Closing costs can range from 3% to 5% of your loan amount, depending on where you live, the loan you choose and your closing date. When you apply for a loan, your lender will give you an estimate of your closing costs.

Closing costs may include the following:

Origination fees: costs of processing your loan (includes property survey & appraisal)
Items paid in advance (includes all required first yr. insurance premiums)
Escrow account: pays for city/county taxes & required insurance premiums
Title insurance charges
Recording and transfer charges
Attorney's fees

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