Coming up with a down payment

In general, home buyers looking to use a conventional mortgage product can expect to need 10 - 25% of the home's sale price as a down payment. Typically you will need to save a certain percentage of the sale price in cash in order to qualify for a loan. Down payments for conventional mortgages typically require at least 20 percent down. That holds true for jumbo mortgages, too, which are loans that exceed $417,000. Still, a 3.5 percent mortgage down payment helps more people afford homes. Check out this down payment resource to see if you are eligible for down payment assistance.

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