#down-payment

#down-payment

Even more striking, in several high-cost coastal metros, not even a 0% mortgage rate would make the median-priced local home affordable for a household earning the local median income. This includes New York, Los Angeles, Miami, San Francisco, San Diego, and San Jose, where taxes, insurance, and maintenance on a median-priced home alone can often consume more than 10% of a median household's income.

A first-time homebuyer savings account (FHSA) is a state-sponsored, tax-advantaged savings account that helps you save money for your first home. Offered in some states, the money you contribute or the interest you earn, may qualify for state tax exemptions or deductions. As a result, these accounts may help you grow your savings faster. You can use these funds for a variety of home buying expenses including your down payment , closing costs , real estate agent commissions, or inspection and appraisal fees,

United Wholesale Mortgage offers a Conventional 1% Down purchase program allowing homebuyers to pay just 1% of the home's value at closing, while UWM covers the additional 2%, up to $7,000.