What kind of down payment will I require to purchase a new home?
Given the high quality of today’s Mini Homes, there are mortgage options now available that only require a down payment of 5% of the total purchase price. That said, the larger the down payment, the less you have to borrow, and the more equity you’ll have in your new home.
When considering the size of your down payment, consider that you’ll also need money for moving expenses, legal fees and possibly for decorating or new furniture. If you have an older mobile home that you are considering for trade in, you might even have enough equity in your current home, to cover your down payment entirely. Contact us to find out how much you may or may not need, as a down payment for your new home investment, we’ll be happy to work it out for you.