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24
April
Mortgage Myths
Posted by
Are you looking to buy a home this spring, but are worried you don’t have enough for a 20% down payment?
Good news! You can put down less than 20%. In fact, according to the National Association of Realtors, in 2018, 72% of first-time homebuyers made a down payment of 6% or less.
Though the 20% down myth has been around a while, there are several low- and even zero-down-payment loan options on today’s market.
FHA loans, for example, allow for down payments as low as 3.5%, while some conventional loan programs offer down payments of 3-5%. For veterans and military service members, VA loans offer mortgages with zero down payment altogether. Also, if you are considering a home outside of major urban areas, a USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers.
Don’t let a misconception about down payments keep you from purchasing a home. Give us a call today to learn more about the variety of loan options or apply online today.
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