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20151127house buying tips for 2016

The minimum cash contribution that must be made by a borrower toward the purchase of a home in order to qualify for a mortgage. The minimum down payment requirements vary by loan program and from lender to lender.

Typically, a minimum down payment of 20% of the total loan balance is required to qualify for a loan without having to pay private mortgage insurance.

Having your home purchase offer accepted is like getting that runner 's high during a marathon. But hold the Gatorade cooler - the property isn't yours just yet. During the 30 days (or so) between when your purchase offer is accepted and when the keys are handed to you (commonly referred to as " escrow "), there are many hurdles to overcome. If you stumble on any of them, the purchase may fall through and put you back at the starting line.