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Down Payment Considerations
When learning about the various mortgage products available you'll see the majority will require a down payment percentage of the loan amount. The down payment is cash up front toward the total loan amount and shows the lender that you're serious about repayment and that you have the financial means to acquire the down payment.
Down payments on a mortgage in most cases will vary from 3% - 10% and it is important to consider where the money will come from for your down payment. The money can come from personal savings, stocks, bonds, insurance policies with cash value, as well as equity from other assets such as your current home if you're a homeowner.
No Money Down
There are loan products that require no money down and one of these options may be correct for you but that will be discussed with your lender in the pre-qualification process.
There are loan products that require no money down and one of these options may be correct for you but that will be discussed with your lender in the pre-qualification process.
Gifted Down Payment
Some down payments can be “gifted” where you can receive the down payment from a relative in the form of a one time gift. There are rules surrounding a gift for down payment and again your mortgage lender is best suited to explain this to you. There are even programs that combine the concept of “gifting” a down payment and financing it into the loan resulting in a no money down situation.
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Scott and Jamie made selling my former home and purchasing my new home as easy as possible. They consistently provided sound advice and were always professional and courteous to the highest degree. Having trust in my real estate agent was a huge benefit for myself and my family. I would never hesitate to recommend Family Realty!" 
When we decided to start looking for our first home, we were admittedly nervous about taking the leap from renting to owning, but the team at Family Realty made the transition easy and patiently answered about a million questions that we had. After a few short weeks of searching, we found the perfect home.
— Dawn & Jim DeweeseFrom the moment you walk into their office, they make you feel right at home and at ease. Family Realty is the perfect name for their company because they treat you as though you are a member of the family. Thank you Family Realty for helping to make our home ownership dream a reality.