If you’re considering buying new construction in Camp Hill, PA, add Birch Grove to your list of communities to visit.  Our stylish villas are designed with you in mind.  We offer elevated design elements in an open concept floorpan, ideal for families, couples, or individuals.  If you’re ready to take the first step in the home buying process, you may be wondering what kind of down payment you need and we’re here to help.

How Much Down Payment Do I Need For New Construction in Camp Hill, PA?

Making the decision to save for a down payment can be exciting and feel overwhelming.  In today’s competitive housing market, you may question whether it’s an achievable goal.  We’re sharing some strategies to help you reach your goal of buying new construction in Camp Hill, PA.

The amount that you need to have a for a down payment will depend on what type of loan you get.  In most cases you should plan to have around 20% of the homes value.

Types of Home Loans

  • Conventional Loans: Typically require a down payment of 20% of the home’s purchase price. However, some lenders offer options with as little as 3% down.
  • FHA Loans: Require a minimum down payment of 3.5%.
  • VA Loans: Offer 100% financing for eligible veterans.
  • USDA Loans: Provide 100% financing for rural properties.

While these are minimum requirements, having a down payment may help you to get a better rate, avoid private mortgage insurance, and have a lower monthly mortgage payment.  We recommend talking to a loan officer about how much you qualify for and what type of loan is best for you.

Tips for Saving for a Down Payment

Now that you have a better idea of how much you need, let’s talk about tips to save.

  1. Analyze your budget.  Identify areas where you can cut expenses like dining out or subscriptions.  Those small expenses add up (but the occasional coffee is still ok).
  2. Automate Savings.  Set up automatic transfers to your savings account to help you stay on track.
  3. Increase your income.  To fast track your savings, consider taking on a side hustle or selling unused items.
  4. Set realistic goals.  Setting smaller goals will help you stay motivated.

Saving to buy new construction in Camp Hill, PA can feel challenging, but by staying focused on your future home and benefits of home ownership you can turn your dream into a reality.

Birch Grove: New Construction in Camp Hill, PA

Birch Grove offers the perfect blend of comfort and luxury, in a low maintenance villa located in Camp Hill, PA.  Call us at 717-698-2614 to learn more.

Since 1989, Burkentine Builders, Inc. has been dedicated to crafting exceptional homes that enrich lives. With a focus on quality, craftsmanship, and customer satisfaction, we build single-family homes and townhomes in Connecticut, Pennsylvania, Maryland, North Carolina, South Carolina, and Tennessee. Our commitment to Live Different extends beyond building homes. We prioritize our employees’ well-being and create a culture that fosters growth and development. By delivering exceptional service and creating spaces that inspire happiness, we strive to make a positive impact on the lives of our customers.  Visit our website to learn more!