for the down payment and closing
costs. You will need at least 5% of the home purchase price for your down payment, and another 5-6% of the home purchase price for closing costs.
(Note: there are mortgage plans that have zero down and zero closing costs, but these type mortgage loans are very costly)
Set up a spending plan where
you can set aside savings:
If you have too much debt —
meaning your "debt-to-income"
ratio is above the minimum threshold
— you will need to reduce or consolidate
your debts prior to submitting your
mortgage application:
(links jump to our debt management module at: www.sayconsolidate.com)
