When you’re buying a home in Atlantic Beach, FL, you’ll need to make a down payment, just like any other homebuyer. But how much do you need to pay? The amount of your down payment depends on the type of loan you’re getting and the total cost of the home.
For conventional loans, you’ll usually need to put down at least 20% of the purchase price in order to get a mortgage. This is to help protect the lender in case you can’t make your payments. However, there are certain loan programs that allow you to put down as little as 3% or 5%.
FHA loans are a popular option for first-time homebuyers because they require a lower down payment. For an FHA loan, you’ll need to put down 3.5% of the purchase price. You don’t need to have perfect credit or a lot of money saved up to qualify for this loan, which makes it a great option for many buyers.
VA loans are another option for Atlantic Beach homebuyers. These loans are available to veterans and active duty members of the military. With a VA loan, you won’t need to put any money down at all. This makes it a great option for those who are strapped for cash but still want to purchase a home.
Ultimately, the amount of money you’ll need to put down on your Atlantic Beach home depends on the type of loan you choose. But whatever loan you decide on, it’s important that you make sure you have enough money saved up for the down payment. That way, you can avoid getting into a situation where you’re unable to make your mortgage payments. The Role of Down Payments in Atlantic Beach, FL Home Loans: How Much Do You Need?