If you are speaking about the amount of money needed along with a mortgage to buy a house, that is required. Unless you are paying cash for a home, there will usually be some sort of a downpayment involved. There are some 100% loans available in the market through some government programs both national and local. Speaking with a good mortgage lender who is familiar with the various government programs will give you an opportunity to see if you qualify for some of the 100% finaincing programs that may not require a downpayment.
In addition to the downpayment for financing, funds to pay for escrow requirements for taxes and insurance and inspections may be needed to close on your home purchase. A good agent will be able to go over all the costs involved.
With an FHA mortgage, there is a 3.5% minimum down payment requirement. On HUD REO's, its only $100 down though when using FHA.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing