Well, I Closed several transactions within the past 30 days, and you might be surprised to learn that the downpayments of these purchases ranged from just 3.5% down (FHA loan) up to 20%+ (conventional loan). Although some lending requirements have changed over the past few years, there are still lots of options for you if you don’t want to make a large downpayment. Here are a few:
1.) FHA : most of my clients over the past year have purchased their homes using an FHA-insured loan. These loans feature a 3.5% downpayment. So, that’s just $3,500 on a $100K purchase, for example.
2.) VA and USDA : Both offer zero downpayment programs. Of course, you and/or the property you’re purchasing must qualify for the terms of these programs, but they’re a great fit for some borrowers.
3.) Conventional : these mortgage loan programs still offer loans with as low as 5% downpayment, and they’re common in today’s market.
The above are the most commonly-used programs, but there are others. The key? Engage a solid mortgage loan officer to help you evaluate your options and walk you through the process. I work with some amazing pros that get the job done for my clients every day. Give me a shout and I’ll connect you with them.
If home ownership this year is your goal, contact me. We will create a solid plan to move you from Point A to Point B – it’s what I love doing!
Have an awesome day, everyone!