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Kimberly Wright | (325) 617 - 8525
Brittany Ionita Davis | (325) 340 - 2962

Test Your Real Estate Savvy

Question 1 of 5


Answer


The higher your down payment, the lower your monthly mortgage payment will be. The amount required for a down payment depends on your loan type. Typically you will need to save 5 to 20 percent of the sale price in cash in order to qualify for a conventional loan. 

However, it all really depends on the type of loan you qualify for. An FHA loan requires a down payment of 3.5%.

Programs exist to reduce this amount even more. Such as the HAT (Homeownership Across Texas) program, which allows qualified buyers to use up to 5% of their loan amount toward their down payment or closing costs (or both)!


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