How much down payment do I need To Buy A Home in Palo Alto?
One of the biggest barriers that home buyers face when buying a home in Palo Alto is to do with having excess funds available in cash, to use for your downpayment.
The good news is that you may not need to pull out money from your other investments for the full 20%.
SPEAK TO THE EXPERTS
Until you speak with a mortgage broker, you will never really know for certain, how much you could borrow and how much down payment you would need available in cash to buy your own home.
There are programs that you MAY qualify for that can bring the down payment required to a low as 5% and 10%. It pays to speak to an expert and see which programs you could qualify for to help get you into your home sooner and with minimal disruption to your placement of finances.
It's also important to keep in mind that your home may need a little excess savings leftover in case of repairs needed after closing. Here are some of the red flags to look out for and include in your budget. Especially if your offer doesn't include contingencies, a cash buffer will give you extra security to know you can close the sale.
Now before you go out house shopping, it's important to get a pre-approval letter from your lender. In fact, most realtors will ask you to get pre-approval before even looking at properties together, so be sure to speak to the experts before making any real estate moves.
If you are looking to purchase a home in Palo Alto (or the greater Peninsula), I would love to hear from you. Please connect via the below contact details.
Kate Barnes
Realtor®
METIS Real Estate
415.521.6813 | kate@metisre.com | katebarnesrealtor.com
Youtube: Kate Eliza Barnes | Dre 02092777