Do You Have Your Own Cash Saved For A Down Payment?

January 21st, 2013

There is a requirement on Conventional loans to have a certain amount of your down payment come from your own hard earned savings. Not only do you need a certain minimum down payment for different types of Conventional loans, but you also need to make sure a certain amount comes from your own money, and not a gift, or borrowed funds, unless they are secured against an asset, like real estate or a stock account.

On a Conforming loan, which are loans that go up to $417,000, the minimum down payment is 5% down. Read the rest of this entry »

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