• HOME PAGE
  • MEET OUR TEAM
  • ABOUT US
    • Our Philosophy
    • Our Mission
  • Property Search
  • Our Listings
  • Contact Us
  • Careers

Holdren & Associates Inc.

  • Peggy’s Pointers
  • Subdivisions
    • Jacobs Landing
  • Sellers
    • What Should I Do To Get My House Ready?
    • Ready To Go?
    • How Much is My Home Worth?
    • Am I Priced to Sell?
    • Improvement Means Sale
    • Trendy Bath Upgrades
    • What Do I Do if My House Isn’t Getting Activity?
    • Short Sale
    • Foreclosure
  • Buyers
    • What Can You Afford?
    • Buyers Market Analysis (BMA)
    • Finances In Order
    • Understanding Loan to Value Ratios
    • Your Credit History
    • The Down Payment
    • Closing Costs
    • Different Types of Loans
    • Mortgage Terms
    • Paying Points on a Loan
    • Refinancing Information
    • The Moving Check List
  • Resources
  • Free Market Analysis
  • February 2, 2023
You are here: Home / Peggy's Pointers / 4 Key Questions About Down Payments

4 Key Questions About Down Payments

November 11, 2021 By Office Staff

1

Down payments can be a challenge to navigate, even for experienced homebuyers.

How much do you need to put down? Do current market conditions change anything for you? Even the most basic questions aren’t always easy to answer.

Whether you’re thinking of buying soon or planning ahead for a purchase in 2022, now is a good time to clear up any uncertainties and come up with the right strategy for your household.

Take a look at these frequently asked questions, and reach out if you need a helping hand.

How much should your down payment be?

The minimum down payment depends on what type of mortgage loan you’re getting. Some loans (conventional and FHA mortgages) require 3 to 3.5%, while others (VA and USDA loans) require zero. Your credit score will also play a role in some cases.

Is a large down payment always better?

It depends on your budget and goals. A big down payment will mean a smaller monthly payment and fewer interest costs in the long run. If it eats into your emergency savings or puts you in dire financial straits, though, it’s probably not the best move.

What should you consider when setting your goal amount?

You’ll want to look at the price range you’re shopping in, your budget and the types of loans you’re eligible for. Talking to an experienced loan officer can help you get an accurate idea of what to expect.

Do you have to come up with all of it on your own?

Many loan programs allow “gift” funds, which means money given to you by your parents or another family member. You’ll just need a letter stating that the funds are a gift, not a loan, before you can use them.

Need help finding your next home? Get in touch today.

Filed Under: Peggy's Pointers

User Goodies

Property Search Alerts

Click on the image above and complete the questionnaire, then Holdren & Associates will provide you with an email alert based on your personalized search criteria.

Click on the image above and complete the questionnaire, then Holdren & Associates will provide you with an email alert based on your personalized search criteria. We will set up a search with your personalized search information which will be emailed to you daily as changes are added to the Champaign County MLS (Multiple Listing Service) for instant, up to date information. This search function gives you access to new listings, price changes, sale pendings, expired, and withdrawn listings at the same instant that those property updates become available to area REALTORS®. Your favorite properties can be saved to your inbox so you can monitor pertinent changes for example a price reduction. All this information at your fingertips.

Find Your Home

Quick Search of the Champaign County Association of Realtors Multiple Listing Service (MLS)

Click the image above to begin performing a "QUICK SEARCH" of the Champaign County Association of REALTORS® Multiple Listing Service (MLS). This search function gives you access to all properties via MLS number, street address, property type, price, town, and even style of home. All this information is accessible to you at the same instant the properties become available to area REALTORS®.

Free Market Analysis

Curious to know what your home would sell for in today's market? What you see online may be wrong.

Curious to know what your home would sell for in today's market? What you see online may be wrong. Click on the above image to get started, Holdren & Associates would be happy to provide you with a professional and detailed analysis. Allow us to help you start the listing process today.

Mortgage Calculators

How much can I borrow?
How much will my payments be?
What house can I afford?
Which is better: 15 or 30 year term? Click on the image above for a very thorough group of calculators to help you decide.

Have you ever asked yourself these questions? How much can I borrow? How much will my payments be? What house can I afford? Which is better: a 15 or 30 year term? Click on the image above for a very thorough group of calculators to help you decide.

Help Me Relocate

Whether you are moving to or from the Champaign County and surrounding areas, we will work closely with all lenders, attorney's and inspectors to facilitate the timing of your home sale or purchase so that your transaction will be effortless.

Click on the image above and complete the questionnaire. Whether you are moving to or from the Champaign County and surrounding areas, we will work closely with all lenders, attorney's and inspectors to facilitate the timing of your home sale or purchase so that your transaction will be effortless. Even if you are moving out of the area, we can assist by hand selecting your new destination realtor to ensure quality service. Let us help take the angst out of relocation!

Ask Us...

You got Questions? We got Answers...

You got Questions? We got Answers... Want to know about the real estate process, how to begin your search, closing costs, buyers costs, how to get prequalified, what about lenders, attorneys, inspectors, painters, moving companies etc., etc...We have all the answers to ensure a smooth transition whether you are coming or going in the Champaign County and surrounding areas. Simply click the image above to get started!

Upcoming Open Houses

Click the image to view our most current open house listings.

Click the image to view our most current open house listings. We invite any and all to take a look at some of our beautiful homes, one of them could be the one for you!

Our Newsletter

Subscribe to our newsletter by clicking here.  You will be taken to a short form to enter your information...

Subscribe to our newsletter by clicking here. You will be taken to a short form to enter your information...

Find Us

Holdren & Associates Inc.
1902 Fox Drive, C5
Champaign, IL 61820
Tel: 217-398-3100
Fax: 217-398-3105

CONNECT WITH US

  • 
  • 
  • 
  • 
  • 
  • 
  • 

HOME PAGE | ABOUT US | CONTACT US | FIND US | SITE MAP | PROPERTY SEARCH | TERMS AND PRIVACY POLICY

Copyright © 2023 HOLDREN & ASSOCIATES INC. | Designed by Illinois Internet Development



Holdren & Associates Inc. 1902 Fox Drive, C5, Champaign, IL 61820
Tel: 217-398-3100
Fax: 217-398-3105

Holdren & Associates Real Estate
You are here: Home / Peggy's Pointers / 4 Key Questions About Down Payments