What's up, guys? It's Chris Hoffman over here at Lehigh Valley Just Listed.com and Lehigh Valley Real Estate. All right, so today, we're going to tackle one of the most popular, most common questions asked by someone looking to buy a home. So if you're looking to buy a home, here's the number one question that you probably want to know: How much money do you need to buy a home? That's a big one right there, and I'm going to try to break it down in a very simple way for you.
All right, so when you go to buy a home, you're gonna need a mortgage in most cases, unless you're paying cash. So if you need to get a mortgage, you're gonna have two components to the money that you need. There's going to be the down payment, that's determined by your mortgage program, and it could be 0%, 3%, 5%, 15, 20%. It all depends on the program that you get, what you qualify for, et cetera. So there's a down payment, and then there's closing costs, which I talked about in another video. Closing costs usually run between five and 6%. So generally speaking, when you're gonna go to buy a home, you're gonna need about 10% of the purchase price is the amount of money that you will need out of pocket. $200,000 home, you should plan and budget for needing about $20,000. $300,000 home, you should plan and budget for needing about $30,000. So again, it's 10%. That represents the minimum down payment that's gonna be required and the closing cost.
Those two pieces together usually work out to be about 10% of the purchase price. Now in the Lehigh Valley today in 2026, 2025, 2026, the median sales price for a home is between $300,000 and $350,000, which means if you're looking to buy a home, you should probably plan to need between 30 to $35,000. Now that can be a big number, so are there some programs that are available to help knock that number down a little bit? Sure there are.
Of course there are. but here again, you know, it all depends on lots of different variables to see which programs you're going to qualify for. So hey, the simple answer is how much money do I need to buy a home, 10% of the purchase price. Now are there some nuances and variables to that? Sure. Are there some programs to help with that? Maybe. 610-533-4549. 610-533-4549. Give us a call. Let's go over it. We'll go through all the numbers with you. We'll break it down, and we'll see what kind of program we can get you into, and we'll take it from there, guys. Lehigh Valley Just Listed.com. Check us out for all of your home buying needs.
