Author: mfmq

It’s important to understand the home buying process, so here’s a 7-step checklist. Step 1: Down Payment The hardest part to buying a home is saving the down payment (a gift from the Bank of Mom & Dad also works). • For purchases under $500,000 minimum down payment is 5%. • Buying between $501-999,000 you need 5% on first $500,000-PLUS 10% down payment for anything over $500,000. • Buying a home over $1 million you need 20% down payment. For any home purchases with less than 20% down payment, you are also required to purchase Mortgage Default Insurance. Step 2: Strategize, Define Your Budget and get Pre-Qualified Unless...