Generally, the down-payment requirements start at 3 percent of the purchase price and increase from there, depending on the price of the home and your own ability to come up with the cash. There are also a number of first-time homebuyer programs (designed to help buyers who haven’t purchased or owned a home within the last three years) that require no down payment, as well as ‘‘gift’’ down-payment programs available from organizations like Nehemiah and Ameridream. When calculating your down-payment needs, don’t neglect to factor any out-of-pocket closing costs (which can’t be folded into your mortgage) into your up-front expenses.
If you’re a first-time home buyer, saving up for a down payment can be a daunting task. In fact, it’s one of the biggest obstacles to home ownership in this country, since the average mortgage payment on a first-time or starter home isn’t much higher than a rental payment anyway. The good news is that lenders realize this and have made your options both flexible and extensive when it comes to offering mortgage programs that weren’t available a few years ago.
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