Bigger is Better When it Comes to Down Payments, Right?

By Liz Keuler, Editor – Readynest by MGIC

It seems like a no-brainer, but the answer is actually, “Sort of – it depends.” I know, that’s not the quick answer you’re looking for.

A bigger down payment usually means more equity in the house right from the get-go, along with a smaller monthly mortgage payment. But while saving up for a large down payment is an admirable goal, there are many considerations to weigh when deciding how much is enough and when to buy. keep reading

FHA Loans and Down Payment Assistance

Here’s a question we get from many new homebuyers: Do you have to use an Federal Housing Administration (FHA) loan with down payment assistance? The answer is no — there are different types of mortgages available depending on your situation.

Each down payment assistance program has a list of “eligible first mortgages” that can be used with the program. A first mortgage is simply your primary home loan. And your down payment assistance can come in many forms, such as a gift forgiven at closing or a second mortgage — funded by a Housing Finance Agency (HFA), municipality, nonprofit or employer. Most down payment programs accept a range of first mortgages, including conventional, FHA, USDA and VA loans. keep reading

Where Will You Call Home In 5 Years?

It’s the time of year when graduates hear “what’s your plan now?” from everyone in their life. And that really driven (um, pushy?) relative might even ask about your five year plan.

When it comes to generations and planning, one thing is constant — the desire to own a home is strong. But a new homebuyer survey shows that Gen Z isn’t just thinking about graduation, they are also planning to own a home in five years. keep reading