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The respondents to a recent survey said they believe that you need a minimum of 15% for a down payment to buy a new home or Condo. They also thought that the closing cost would amount to $5,000.00 or more.

The purchase of a home usually entails saving for two up-front costs. The down payment which is a percentage of the total purchase price of the house.  

In addition to a down payment, funds are needed to cover closing costs. Closing costs include all fees required to execute the sales transaction, such as attorney fees, title insurance, appraisals and tax escrows. Most home buyers will need at around $3,000.00 for closing costs. In some instances the seller or lender may be willing to help with these costs.

Most programs today do not require any reserves at all. Reserves are funds over and above the down payment and closing costs.

Today, first time borrowers in Illinois can purchase a home with as little as $1,000.00 down with the assistance of an IHDA grant. Some 401(k) plans allow employees to borrow against the plan. Proceeds from borrowing against one's own retirement funds can be used toward a down payment. Veterans of the armed forces can use their VA benefits and buy a home with no down payment at all. There are also FHA programs that require as little as 3.5% down plus closing costs for purchasers that do not qualify for the previously mentioned programs.

Since the down payment required depends on the purchase price, a home buyer should meet with a mortgage lending professional to determine how large a mortgage can be obtained.

More than half of all first time home buyers receive gift funds from relatives in order to help with their down payments.

For more information or to get pre-approved for your home search call:

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Guy T. Stanek
Mortgage Originator
Cherry Creek Mortgage Company
40W310 Lafox Road, Suite C1
St. Charles, IL 60175
Direct 847-542-6264
Fax 847-637-2526
gstanek@ccmclending.com
www.guystanek.com
NMLS# 212828

Copyright © 2010 Cherry Creek Mortgage. All Rights Reserved. Licensing; AZ: Mortgage Banker License #BK-0904024. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Colorado: to check license status of your mortgage broker visit: http://eservices.psiexams.com/crec/search.jsp. NMLS Company ID #3001. Illinois Residential Mortgage LMB.0005759; MN:This is not an offer to enter into an agreement. Any such offer may only be made in accordance with Minn. Stat. 47.206(3) & (4). TX: This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Some loan products may not be available in all states.
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For a Realtor's assistance in purchasing a home contact:
Chris "CK" Kravetz
Broker, GRI, Realtor

Mobil:  847.867.7990

 


Comments

10/01/2015 4:46am

Thank you for sharing this post with us, I am working in Balijetaime Company as a travel agent. The housing market seems to be steadying itself. With a solid increase in sale prices and home values appreciating, the components are in place to support a positive outlook on the future for the housing market. The good news is that there are low down payment mortgages available to help those home buyers who have difficulty in saving for a large down payment.

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12/30/2015 3:17am

I really appreciate this blog is very informative about Mortgage, I like the way you tied all the information together.

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06/14/2016 11:52pm

Yes, home buyer really should meet with a mortgage lending professional to determine how large a mortgage can be obtained!

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07/12/2016 2:34am

Since the up front installment required relies on upon the price tag, a home purchaser ought to meet with a home loan loaning proficient to decide how expansive a home loan can be gotten.

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07/31/2016 10:36pm

This information really helpful for me because we clear some of the plan for future. I improve my knowledge from this blog in the field of some financial market.

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08/01/2016 5:47am

I'm against mortgage and loans at all! This is a waste of time and money

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10/06/2016 3:23am

A land agent normally gets an installment called a commission for effectively coordinating a vender's land with a purchaser to such an extent that a deal can be made.

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It is always important that a home buyer should meet with a mortgage lending professional to determine. The post provides a great guideline about down payment. People who want to buy a home they have to follow all the guideline. Thank you so much.

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04/25/2017 8:41pm

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05/08/2017 9:18pm

Down Payment is the initial payment that aims as a sign so for the sale and purchase transactions. In general, the remaining money to be paid is usually done in installments or installments. This is very helpful for those who want to repay the payment.

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05/16/2017 4:36am

Hey! I have also been worried regarding The Biggest Misconception about Mortgages. Now each and everything is cleared to me. Thanks a lot for the nudge!

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#ckrealtor #chris kravetz