However, Sarah cautioned them about . These are the fees associated with finalizing the mortgage and transferring ownership of the property. They typically range from 2% to 5% of the home's purchase price. Maya and Leo realized they needed to factor these costs into their savings goal.
Next, they tackled the . They had always heard that 20% was the gold standard, but Sarah quickly dispelled that myth. She explained that there are many programs designed for first-time homebuyers. For example, FHA loans require as little as 3.5% down, and some conventional loans only need 3%. For veterans like Leo's father, VA loans often require no down payment at all. This was a huge relief for Maya and Leo, as it meant they didn't need to save nearly as much as they initially thought. minimum needed to buy a house
As they sat on their new porch, watching Buster chase a squirrel, Maya and Leo realized that the "minimum needed" wasn't just about a specific dollar amount; it was about understanding the requirements, being prepared, and having a clear path forward. However, Sarah cautioned them about