mortgage

6 tips for boomerang buyers of homes

Be ready to make a down payment
Be ready to make a down payment © photastic/Shutterstock.com

Rebound buyers who purchased their prior home with little or no cash are often surprised to learn that a down payment is required today, says Marian Norris, a real estate broker in Stockton, Calif.

"When they purchased their last house, they didn't have to come in with any money. The world has changed since then," Norris says.

The FHA requires a down payment of at least 3.5 percent of the purchase price. The minimum down payment for a conforming loan without mortgage insurance is 20 percent.

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