How much down payment will I need to buy my first Nomad property?
The amount of money that you will need to be able to purchase your first Nomad property depends on several factors.
Here are some of them:
- First… the purchase price of the property you plan to buy. If you’re considering buying a $100,000 property you’ll generally need less than if you’re buying a $400,000 property.
- Second… the down payment of the loan program you plan to use. If you’re using the recommended 5% down payment on a $100,000 property, you’ll need about $5,000 down (plus any closing costs that you did not get covered by the seller and/or lender credits and reserves). If you’re looking closer to $300,000 with the same 5% down… it will be closer to $15,000. Using a smaller down payment loan program, it should be less.
We do model the down payment required with the Real Estate Financial Planner™ software that you can use to estimate your required down payment for each Nomad purchase.