What are the requirements for a down payment?

When buying a home in Delaware, the amount of money you will need for a down payment will depend on the type of loan you are getting and the lender you use. Generally speaking, you need to put down at least 3% of the purchase price of the home in order to qualify for most traditional mortgages. For an FHA loan, you may need to put down as little as 3.5%. If you are in the military or a veteran, you may be eligible for a VA loan which requires no down payment. However, you would still need to pay closing costs. Some lenders may also require you to have a certain amount of money available after making the down payment to cover your closing costs and other fees associated with the purchase. This amount can vary depending on the loan type and who is lending you the money. Down payments for residential real estate in Delaware can be made with a variety of sources. These include savings accounts, investments, retirement funds, gifts from family, and even seller credits. You may also be able to finance the down payment using a loan against assets such as a 401K, stocks, or bonds. It is important to talk to a lender to make sure you are using the right sources for your down payment.

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What are the requirements for a down payment?

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