How much do you have for the down payment?
You just fall in love with the home you want to buy in Florida State and together with your wife and the kids started to dream about it. But, you forgot to take a look at your savings! If you know exactly how much money you have for the down payment and closing costs, the other issues that are involved into the home buying process will go smoothly and faster. This includes the way you would write the buying offer and mortgage programs for which you would qualify. If you count only with a minimum amount of money for the down payment, you will be limited to decide on a few sort of mortgage programs. In case your best friend or your parents want to give you the total amount for the down payment or just a part of it as a present for Christmas, either way your choices regarding mortgage programs will remain limited. Another type of limitation to obtain a mortgage is if you have enough money to cover the down payment but need the seller to pay, at least, a small part of your closing costs. But, if you have enough money to make a big down payment and cover your closing costs, of course you will have a variety of options on mortgage programs. These options may include conventional fixed rate loans, adjustable rate mortgages, graduated payment mortgages and some other with all the varieties included. The home you want to buy in Florida State will be your if you walk in the right direction. Ask your Real Estate Agent before making any wrong decisions and remember that buying a home is one of the most important financial decisions you will ever make.
