Greg Englesbe got into the mortgage banking business after he graduated from college. He attended Rider College in Lawrenceville, New Jersey, and he was subsequently offered a career position as a Regional Sales Manager for a mortgage lender. After he distinguished himself, he decided to strike out on his own. In 2003, he founded E Mortgage Management in Mount Laurel, New Jersey. Over the many years that he has been assisting clients, he has given a good bit of advice about mortgage down payments.
If you speak with a mortgage banker like Greg Englesbe about a home loan, the required down payment will naturally be a topic of discussion. The exact amount that will be required will depend upon a number of different circumstances. If you apply for a government-backed FHA loan, you can potentially get the financing you need with a down payment as low as 3.5 percent. Your credit history would also be a very important piece to the puzzle when it comes to the minimum down payment. Someone with outstanding credit may be able to qualify for a loan with a five percent down payment. On the other hand, if your credit is just average, you may be required to put down 20 percent or more.
When you decide that you would like to purchase a home, you should certainly sit down and discuss down payments with a mortgage specialists like Greg Englesbe. If you understand all of the facts and make the appropriate preparations, you should be able to obtain a mortgage.
