The Low Down on Down Payments
DETERMINE YOUR DOWN PAYMENT - Don't make the mistake of looking at all your assets and concluding that’s how much you have for your down payment. First, set aside 2 to 5 percent of the purchase price for closing costs. Then, set aside an additional $5,000 to $10,000 (depending on where you live) for relocation expenses, moving costs, furniture and short-term improvements, and unforeseen costs.
Prime Mortgage Requirements: A Look at Then and Now
One effect of the housing market's collapse has been tougher requirements for prime mortgage loans. While there have been some hints in recent months that lenders are loosening these strict requirements, there remains a wide gulf between previous and current requirements.