How Much Do You Need For A Down Payment?

One of the biggest factors that deters people from buying a home is the down payment. Many people choose to continue renting because they cannot afford to save up 20% of the price of a home for a down payment. This is a common misconception, however, because in many cases you do not have to put 20% down!

There are a variety of home financing options that are available that have a lower down payment requirement. For first time home buyers or people buying a new primary residence, FHA loans are a great option that allows you to put as little as 3.5% down. There are also VA loans that you can qualify for with military service that have a 0% down payment requirement. If you are purchasing in certain areas you can also qualify for a USDA loan with a 0% down payment. If you would rather go with a conventional loan you may also qualify for a mortgage with as little as 3-5% down. 

Don’t let fear about a down payment hold you back from buying the home of your dreams! We have a network of lending experts that we would love to put you in touch with that can sit down with you to help determine the best kind of loan for you. If you are ready to take the next step and begin searching for a new home, give our team a call today!

For more information about down payments, take a look at this helpful article from Keeping Current Matters.