The mortgage options obtainable to you’ll depend on the sort of real estate you’re shopping for, your credit score and your monetary assets. Most mortgages require a down payment that generally ranges from three.5 to twenty p.c of the home’s purchase value. Saving sufficient for a down payment can be a significant barrier to homeownership — for example, a 20 percent down cost on a $300,000 home is $60,000, a daunting sum for lots of. Purchasing real property, such as a traditional single-family residence, is usually facilitated by a licensed real estate agent, broker and/or legal professional specializing in real …