How Much Money Do I Need to Buy a House?
You do not need as much money as you think to buy a house. You can use the FHA loan at 3.5% down to buy a home. That means you can own a $100,000 house for $3,500. What about closing costs? You can negotiate the seller to pay your closing costs so all you need is a low down payment. Veterans make out even better because they can use their VA loan which is 0% down. A lot of people believe you must put 20% down to buy a home or you are being irresponsible, but this is false. In most situations the benefits of owning a home outweigh the .85% mortgage insurance you pay on an FHA loan. Disagree? Lets talk about it in the comments.
If you have real estate or money questions leave them in the comments or reach out to us directly and we would love to help!
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Berkshire Hathaway Home Services Fox & Roach Mount Laurel
1025 Briggs Road, Suite 148
Mount Laurel, NJ 0805
Cell (267) 800-4002
Office (856) 222-0077