The general rule of thumb when it comes to purchasing a home has been to try and have 20% of the purchase price available to put as a down payment on the home. Depending on the home you are looking for, this can be quite a hefty sum. There have always been other options available for home buyers like FHA loans but these options often come with the backing of mortgage insurance which inflates the monthly payments a homebuyer will have to make.
Bank of America is now offering a 3% down mortgage without having to have mortgage insurance. Of course, there are certain requirements that the bank will want a homebuyer to meet, but this may be a good option for some people that may not be able to come up with the normal 20%. If you have questions about a property, please feel free to contact me directly.