Buying a home for the first time can be quite challenging. There are many tasks, steps, and requirements that you will have to make in order to purchase your home. In addition, it can be stressful deciding to make this big of an investment. One of the biggest questions that you are likely to have is whether or not you need to have a down payment in order to buy a home.
Most financial advisors recommend that you have a down payment of at least 20 percent to buy your home. However, there are some banks that will not require this amount in order to provide you with a mortgage. In order to qualify for a mortgage you are going to need to have very good credit. A mortgage broker will help you determine how much of a loan you can afford.
In addition, it is important to make sure that you have enough money in savings to live on for at least three months and even better six months. Buying a home comes with many upfront costs and you want to make sure that you can withstand these costs financially.