Normally, you need to have enough savings to cover a down payment of 5% to 20% of the purchase price plus an additional 3% to 7% of this price for closing costs. If you do not have the down payment, you may be able to qualify for a loan under various government programs that are available. Golden State Lending now offers 100% home purchase financing for qualified borrower’s.
Before you begin looking for a home, decide what you want and can afford. Various factors are considered when a lender qualifies a purchaser for a home purchase including credit history, job stability and the size of the down payment. Prior to shopping for a home you may wish to visit a respected lender to determine the loan you can afford.