Down Payment Assistance & Cash On Hand
Looking into down payment assistance programs and wondering how much you actually need to buy a home?
These days there are plenty of down payment assistance programs, and programs that offer additional funds to help pay for down payments and even closing costs. So even though there are loans designed to help cover all the costs involved in a purchase, there are still a few items that you need to pay for out of pocket throughout the process.
These are things like a home inspection, appraisal inspection and Earnest Money Deposits. Each one of these items is a real cost that needs to be accounted for before the closing of a loan. So how much do these items add up to, and how much should you have in the bank even if you are pursuing a loan program that covers most if not all of your costs?
If this is a question that is pertinent to you, e-mail me at Scott@GreenMeansGrow.com and we can take a look at your situation, and we’ll let you know how much cash you’ll need to get through your purchase transaction.