Hi all! I hope everyone is enjoying the weather! I've had a busy week that resulted in driving over the Destin bridge numerous times. I am always in awe of seeing the view from that bridge--the boats all over Crab Island as well as the Destin Pass and the Destin Harbor.

With the real estate market ever-changing, a question that comes up with buyers--new, first-time buyers, as well as those that are selling their current house and buying again. "How much money do I need for a down-payment on a house these days?" Well, that depends on your particular circumstances. Right now, the only loans that you can get at 100% financing are VA loans and Rural Housing Loans.

Of course, the best thing to do is talk with your lender and be honest with them about your debt and your income. You will likely have to prove your income through tax returns or pay stubs or a leave and earnings statement.

The lender will need to pull your credit to find out your credit score. Your credit score and debt-to-income ratio will determine the program(s) you qualify for, which also determine how much money you will need to put down when buying your new home.

FHA loans can require as little as 3% for the down payment (some of which can be used for closing costs). Some loan programs allow you to roll your closing costs in to the loan, or, as part of negotiations, you can ask the seller to pay some or all closing costs, depending on what your lender allows. Some lenders only allow the seller to pay no more than 2% towards buyers closing costs. Some will allow more. Just be sure to talk to your lender about what is allowed.

The best thing to do is speak with some lenders, find one you are comfortable with and that can answer all your questions to your satisfaction. Once you have decided on a lender, make sure your realtor has their information. The information you get from your lender can help you and your realtor with the best negotiations for you when you are ready to put an offer in on your new home.

Enjoy your week, and feel free to call or email me with any questions you may have!