So, you’re thinking of moving. You may be out of state, out of town, or maybe you already live in Bellingham and just want to toot your own horn by reading up on why your city is the best. Either
61 Percent Of First Time Home Buyers Made A Down Payment Of 6 Percent Or Less In 2017
One of the biggest hurdles that potential buyers have to overcome on the road to homeownership is saving for a down payment. Traditionally, you needed a 20% down payment in order to secure a loan and purchase a property. And for many people dreaming of buying property, this large up-front investment put homeownership out of their reach.
But times have changed. Depending on your creditworthiness, you might not need a 20% down payment to purchase a home. In fact, in some cases you don’t even need a 10% down payment. According to the National Association of Realtors’ Realtors Confidence® Index, 61% of first-time buyers in 2017 made a down payment of 6% or less.
Low-down-payment mortgage options, like FHA loans, are making the possibility of homeownership a reality for a new generation of potential homeowners who have the financial means to manage their mortgage payments but don’t have the ability to stash away 20% of the total cost before making a purchase.
If you'd like to know about all of the options available to you, or would like to see if you qualify for down-payment assistance (yes, there is such a thing!), get in touch with me and I can give you a wealth of information you never knew was available and get you in touch with a reputable lender.
If you’ve been putting off homeownership because you’re worried your savings account can’t support a hefty down payment, start talking to lenders. Even if you don’t have any money to put towards a down payment, the possibility of owning a home is within your reach.
Which Down Payment Strategy Is Right For You
Misconceptions About Buying A Home Are Blocking Eligible Buyers From Becoming Homeowners
How to Prepare to Finance a Home
If You Think Owning A Home is Out of Reach, You Need to Read This
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