Do I need a REALTOR® to represent me when buying a home? Not necessarily, though many buyers get a lot of value from working with experienced onsite new home consultants. Why? An experienced onsite new home consultant who is employed by the homebuilder knows every little detail about the brand, the construction process, and the homes themselves. As a result, first-time shoppers can locate the right home that matches their needs— and be fully prepared through every step of the process.
How much should I be expected to pay on a down payment? There’s no exact percentage or amount that buyers are expected to pay on their down
payments, though there are industry standards that lenders recommend.
Traditional advice recommends that buyers put down at least 20% on their homes but to qualify for an FHA loan, buyers only need to put down 3.5%. Rocket Mortgage reports the average down payment made in the U.S. is only 6% of the home’s value, and some lenders will offer mortgages for as low as 3% down depending on the borrower’s credit score and other factors.
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