Here are three options to help you pay for a down payment.
One of the most common questions asked by buyers is, “How much should I put down as a down payment to purchase a home?” The persistent myth that you must put down 20% has many buyers concerned about their abilities to afford a down payment. Here are three options available to you that don’t require 20% down:
1. Conventional loans. Conventional loans are backed by Freddie Mac and Fannie Mae, and they allow you to get a loan for as little as 3%.
2. FHA loans. These are a good option for first-time homebuyers since they only require a 3% down payment.
“If you’re looking for a lender to speak to, I’d be glad to refer you.”
3. VA loans. These loans are available to veterans and active-duty servicemembers. The VA loan requires no down payment, but they do come with a few contingencies with respect to the home’s condition.
Your lender can explain these options to you in more detail. If you’re looking for a lender to speak to, I’d be glad to refer you. I’ve been a Realtor for over 15 years, and I’ve helped many buyers find the right lender for them. Don’t hesitate to give me a call or send me an email if you have any questions or need any assistance.
