Financial matters can be complicated, especially when it comes to buying a home for the first time. There is a lot of misconception surrounding how much Utah first-time homebuyers need to invest as a down payment. As one of today’s leading assistance programs, the team from Home Savings Fund is here to shed a little light on the matter.
Here are some important things to consider when it comes to calculating your Utah first-time homebuyer down payment.
Things to Consider that Affect Your Down Payment
Recent reports show that the average down payment for first-time homebuyers is around 6-10 percent, however that number can rise to as much as 20 percent depending upon various factors. Here are some important things to consider when calculating your down payment.
- Finances: Carefully reviewing your finances is important, because it will play a large role in determining the down payment you can comfortably afford, in addition to your mortgage rates.
- Finding the Right Realtor: Finding a reliable realtor will help ensure that you get the best deal on a new home in Utah. Try to find someone that specializes in homes in your area. Doing so will ensure that they’re familiar with all of the tax and average mortgage rates in the particular neighborhood where you’re looking to buy.
- Try Getting Pre-Approved: Another way to get a good idea about how much you’ll need to put down for your first home is to get pre-approved. This will give you a good idea of your price range and what you’ll need to borrow from lenders.
- Utilize First-Time Homebuyer Programs: There are plenty of first-time homebuyer programs out there that assist those who qualify. In addition to those available locally and from the federal government, companies like the Home Savings Fund offer assistance to those in need.
Contact us today for more about first-time homebuyer grants in Utah!
For more information about how we can help you purchase your first home, contact us online or call (855) 369-7283.