Must Watch For Home Buyers | Home Buyer Questions Answered! | How Much Do I Need For A Down Payment?

**Your Friendly Guide to Home Buying: Essential Tips**

- **Understanding Home Buying Basics**:
- **How to buy a home**: A step-by-step approach for beginners.
- Programs for new buyers:
- Tailored options for real first-time purchasers.
- Friendly down payment schemes, often 3-5%.
- Things lenders look for:
- Consistent work for two years.
- A credit score of 580 or more.
- Manageable debt in relation to your income (under 45%).
- The smart step: Getting pre-qualified 6-24 months before your purchase.
- Gives you a chance to improve credit and save for the down payment.
- Remember: Online credit scores can differ from what lenders see.
- Always best to ask an expert before tweaking your credit.

- **Down Payment: Myths vs. Reality**:
- **How much do I need for a down payment**: Breaking down the numbers.
- Think you need 20% down? Think again!
- Plenty of lower down payment options (3-5%).
- Special shoutout to veterans: VA loans with 0% down.
- Living outside the city? USDA might offer 0% down.
- FHA loans only ask for 3.5% down.
- First home? Conventional loans can be as low as 3% down.
- Exciting news for first-timers: Easier ways to buy multifamily homes!
- Only 5% down in some cases.

- **Final Costs and the Market Today**:
- Budget for 2-3% of the house price for closing costs.
- Some sellers today might lend a helping hand with these expenses.
- Current higher interest rates? They might be your bargaining chip!
- Fun fact: Homes typically double in worth every 20 years.

- **Parting Words**:
- Owning a home is more than just a dream—it's a smart financial move with lasting benefits.

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**Most stats and data mentioned came from the following sites and are not based on our opinions:
Best Schools: https://www.greatschools.org/arizona/...
More About Phoenix: https://en.wikipedia.org/wiki/Phoenix...
Census Data: https://www.census.gov/quickfacts/pho...
Neighborhood data: https://www.niche.com/places-to-live/...
*All stats, data, house pricing, and anything else mentioned are always subject to change and are provided merely as an example at the time of this recording.
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Gordon Hageman Phoenix Arizona Real Estate Agent
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Видео Must Watch For Home Buyers | Home Buyer Questions Answered! | How Much Do I Need For A Down Payment? канала Living & Loving Phoenix By Gordon Hageman