"How much of a down payment do I need and can it affect the amount of my monthly payments?"There are many different mortgage programs that provide many different downpayment options. Some programs require the borrower to give 20% in order to qualify where other programs only require 3% down. Your mortgage professional can review your situation and give you the best recommendation for your situation.
Generally speaking, the more you put down towards a home purchase, the lower your interest rate will be. If you'd prefer to keep more of your own money in your pocket during the home buying process, ask your mortgage professional about 100% financing options.
