One of the key components of getting ready to buy a home is saving money for your down payment. There’s a lot of incorrect or misunderstood information floating around out there about what amount of money you actually need to provide for a down payment.
For starters, you don’t need 20% down! It’s been years since that was a requirement. In reality, for the most commonly used loan programs, Conventional and FHA, you only need as little as 3% or 3.5% down respectively. For a VA loan program dedicated to current and former military members, no down payment is required at all.
Your down payment can come from a variety of places, so feel free to get creative. The most common sources are personal checking/savings accounts, gift funds from family members, pulling the money from personal investment or retirement accounts, or through equity from the sale of a previous home. Realistically, the down payment usually comes from a combination of these sources.
Cash (like cash in a shoe box or a personal safe at home), cannot be used for down payment at the closing table. Underwriters are required by the loan investors to “source” your down payment, or be able to show a paper trail of where that money came from. If you have cash you’re planning to use, you’ll want to put it into a bank account for at least 60 days to meet requirements. Also, be prepared to verify where any large deposits into your bank accounts came from that cannot be clearly understood from your bank statement transaction history.
Getting your down payment in place is a big step in making your home purchase a reality. Hopefully this helps you to realize that you don’t actually have to save up an exorbitant amount, but rather that with the low minimum percentages required and the various options of sources for down payment, it may not be as overwhelming as it may have seemed!
Information courtesy of my fave local lender: @dankazell , Denver Mortgage Advisor at Mortgage 300.
Calling ALL Artists!
We are scouting out 15 beautiful souls to donate 1 piece of artwork each to be raffled off at our event.
If you are selected you will receive ✌🏼 tickets to attend the forHER event as well!
To apply send a short bio video to @forher.denver and make sure to include what Female Empowerment means to you and why you want to join us.
This will be on a first come first serve basis.
Please send your completed application in a DM - we can’t wait to hear from you!
Fries & Brussels the perfect appetizer relationship. ❤️
2 2511 hours ago
We have just 1 Eucalyptus & Spearmint bar left. This soap sold out really fast 😉. To purchase this soap visit our website (link in bio). By the way, we still offer free shipping to Colorado residents, and we offer free shipping for everyone else when you spend $25 or more using code: CTWBH5...Message me for the free shipping code if you live in Colorado ⚜️.
⭐️Hi Denver! It’s been a while but something awesome is going on tonight in Denver! .
🥂Have you been to @54thirty ?! They are having their Season Opening tonight!! If you haven’t been, definitely make it a priority to check out this AMAZING roof top bar! Their cocktails are just as good as the views!
🌃 Tag or comment your favorite roof top in Denver!
🏔 Tag us or #livingdenverco to share your favorite things in Colorado!
Who’s going to the Colorado Anime Fest @coanimefest in Denver this weekend? 🌸 We’ll be there on Saturday presenting our panel on mental health & wellness through anime at 3:30 pm! Stop by, watch anime, and learn some things!✌️
DID YOU KNOW!? Over here at Stapleton Veterinary Hospital we are offering 20% off our Heartworm Tests for the month of April for #heartwormawarenessmonth you will also be entered in to WIN a FREE #irobotroomba !! With the warmer weather on its way in Colorado it’s important to keep your fur babies protected from the Heartworms!! The heartworms are transferred through the mosquitos through their bite. With a purchase of a 12 month supply of Heartgard you will receive a $12 rebate!! CALL US NOW to get your baby scheduled with us today!!! 303-394-3937
Co-working spaces continue to be a growing business in real estate, and Denver just hit a milestone. WeWork, an international company that specializes in co-working spaces, recently signed a lease to increase their office space to nearly 700,000 square feet! There will now be over 4,100 desks across multiple locations including: the Wells Fargo Building, Triangle Building, Tabor Center, and Lab in Lower Highland. If that’s not enough, WeWork is expected to open another 6 locations in Colorado this year!
Expanding solar power is essential to meet climate goals!
2 26216 hours ago
Mark you calendars! We’re celebrating our one year June 7-9th. Join us for a weekend of interactive live art, delicious plant based culinary experiences, mind-blowing musical guests, dynamic wellness workshops and deeply authentic connection.