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Real Estate
Eileen M. Day REALTOR
HOW MUCH CASH?
How much cash will you have to come up with in order to buy that home of your dreams? The amount you’ll need as a down payment will vary according to how the transaction is structured and the type of financing you get. Typically, a conservative (non-government insured) lender will require 20% of the purchase price as a down payment. ON a $100,000 house, that mean£ $20,000.
However, if you have an excellent credit history and sufficient income, and the house is considered a safe risk, the lender may be able to secure private mortgage insurance. This guarantees that the lender will be repaid in case'of default. It will cost you an additional 14% in interest, but it can reduce your down payment to 10%, or $10,000 on a $100,000 purchase.
There is also the possibility of borrowing $10,000 from the seller as a second mortgage in which case you have a first mortgage for $80,000, a second mortgage for $10,000 and you’ll have to come up with $10,000 in cash.
If there is arfything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone 675-3033. We’re here to help.
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