There is a general consensus that you have to put 20% down to buy a home. Well, I’m here to debunk that myth. The 20% down was a need many years ago, which led to the remnants of the thought that still echoes today. The truth is, you don’t need to have 20% to put down to buy a home and for most, saving 20% seems out of reach. It’s recommended to have 20% down to keep the mortgage payment as low as possible, but not required.
Today, there are an array of mortgage loan products available making homeownership easier.
In the present day, there are mortgage loan programs in existence requiring 0% to 3.5% least down . There is USDA and VA that provides 100% financing. FHA is another great government program with a least down payment need of 3.5%. HOMEREADY by Fannie Mae, and HOMEPOSSIBLE by Freddie Mac, are also great programs requiring only 3% to be put down.
No borrower is the same, so it is important to know what loan program is a fit for you.. Give me a call today and let me help you achieve your dream of becoming a homeowner.
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