1. You Need A Large Down Payment
The first step to buy a home in Albuquerque NM for many home buyers is to get pre-qualified or pre-approved for a mortgage. Home buyers need a good lender to understand the different home loans they may be qualified.
There are many different types of loans and all different down payment requirements:
- In Albuquerque, there is a first time home buyers program that allows first time home buyers to buy a home with an out of pocket payment of $500 to $1000.
- There is another home loan called the Next Home, this home allows home buyers to purchase a home for as little as 0.50% down payment.
- Federal Housing Administration (FHA) loans require a down payment of only 3.5%.
- If you