Home Loans in Bronx NY
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Buying a house is made possible with a combination of a down payment and a mortgage loan.
The down payment is your "out-of-pocket" contribution, the portion of the house that you can afford that you will own independent from the bank. The rest of the money for the purchase comes from a mortgage loan that is borrowed from a bank or lender. When buying the house, the larger you can make the down payment, the less you will have to borrow and the less you will have to repay each month.
The down payment is an important factor in buying a house because it often determines the price range you can afford. The general rule is that a 10% down payment is needed, so if you are looking at a $450,000 home you will need a $45,000 deposit. The money for your deposit does not necessarily have to be directly from your pocket; borrowing the money for the deposit is becoming a popular option for those who qualify. Often this is accomplished by getting a second Bronx NY mortgage loan along with the first, borrowing from the equity of the home you are purchasing. This is often known as a "piggy-back".
Qualification for traditional programs approval typically required documentation of income, employment, and assets. Some do not require any level of borrower income or asset documentation and are based only on borrower credit history and the property securing the loan. Limited documentation are great for self employed individuals and people with non-traditional careers.