A common question, especially for first-time Buyers, is "How much money do I need to buy a home?" The answer can vary widely depending on your job, credit, the mortgage market and more. Besides your down-payment, there are certain "Closing costs" associated with buying a home that, again, can vary widely. For example, while someone self-employed might need to put 5%-10% of the sales price down plus several grand in closing costs, not everyone who is "self-employed" does. In fact, most people (self-employed or not) can put as little as 2.25% down and .75% towards closing costs (and have the Sellers pay the rest). Better yet, there are still down-payment assistance programs that allow many Buyers to get into a home for anywhere from a just few hundred to a few thousand dollars. Many first-time Buyers think that they don't have enough money, or good enough credit, and they're simply wrong. If only they would check with someone who knows what they're talking about!  Bottom line: you need to talk with a knowledgeable mortgage lending professional who will let you know how much cash you'll need to purchase a home, how much home you can actually afford, which mortgage programs might work best for you, etc. If all you needed was $500 to buy your own home, wouldn't you want to know about it? Everyone's situation is unique, so don't go thinking that just because a friend you work with couldn't get a mortgage (or he was told that he needed $10K down) that you do too. Check with a pro. to see where you stand (it's FREE). Most good Real Estate Agents know a few good Mortgage Loan Officers (I know I do). Let me know if you would like some help in contacting one.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com