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Whether you’re purchasing your first home or looking to buy your next, you may be wondering how much money is needed for a down payment. This is an important step in the home buying process. A down payment is what you pay upfront to purchase a home and is usually a percentage of a home’s total purchase price. Here’s what you should consider when determining how much money you should put down for a down payment.

  1. Assess your budget – Take a look at your budget to figure out how much house you can afford and how much you’re comfortable spending on a new home. Traditional down payments are around 20%. However, you can put as little as 3% down depending on the loan type and your credit score.
  2. Work with your realtor – Your realtor can help you select new homes in Shakopee MN to tour that are in your price range. They can also introduce you to a mortgage lender to help you secure financing for your new home.
  3. Select a lender – Your realtor may recommend a mortgage lender for you. The new homes builder may also work with preferred lenders. Select a lender that is right for you. Your lender will be able to go over the financials, the different types of mortgages, and the best options for you.
  4. Don’t become house poor – Start saving now for your new home. Making a larger down payment will lower your mortgage costs. But we don’t advice draining your savings so you can put more money toward your down payment. You’ll want to enjoy your home and be able to have funds set aside for closing costs, emergencies, and unexpected expenses you may encounter.

 

Buying a new home is exciting. We are proud to offer new homes in Shakopee MN at Whispering Waters designed with you in mind. Priced from the mid $500’s, we offer 13 distinct home designs ranging from 1,900 to 3,190 square feet of living space with two to five bedrooms, two to five bathrooms, and a three-car garage. Contact us at 612-712-9856 to learn more about our available homes for sale.

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