How Much Is Enough To Buy A Home?

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MINT HILL, NC – The most common statement that we hear on a daily basis is: I do not have enough saved to purchase a home.  Well, we are here today to debunk that myth! There is a common misconception that one needs 10% or 20% of the purchase price to purchase a home.  In actuality, there are plenty of programs that require no down payments (0%) for first-time homebuyers, “move-up buyers,” veterans, and even individuals buying outside of the city limits (USDA).  In addition to these programs, there are more standard options to purchase a home with putting as little as 3.5% – 5% as a down payment, carrying no income or location limits.

This leads to closing costs.  Closing costs are the cost one pays associated with purchasing a home.  Expected items to pay during a home purchase would be an appraisal, settlement fees, title work, insurance, property taxes, etc. Many times these costs will come out to being approximately 1.5%-2% of the purchase price.  The great thing is these costs can be negotiated between a buyer and seller as to who pays for them! It is not standard on all transactions, but it is possible to have a seller pay for some and/or all of the closing costs, if agreed upon. Therefore, pending qualifications, you could qualify to purchase a home with little to no money down.

As always if this leads to any questions in regards to mortgages, feel free to call, text, or email me (704-430-6138 – anytime!

Look forward to discussing more mortgage tips/tricks next week!

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Brandon Wolf
Brandon was born and raised in the Mint Hill area and graduated from Independence High School. He went on to play college baseball at Wingate University. Brandon met his wife at Independence HS, dated all through HS, college and got married right after college (they have a little boy due in September). Brandon has been a Mortgage Loan Officer, in Mint Hill, for over 7 years. "Mint Hill is more than the place I work, it's been my home. I grew up, played baseball, met my wife. I truly love helping people get mortgages in this town I have always called HOME" says Brandon.