When it comes to buying a home, one of the biggest misconceptions is that you need a 20% down payment to make it happen. This belief has stopped countless potential buyers from pursuing their dreams of homeownership. The good news? It’s simply not true!
Why 20% Down Is a Myth
While putting down 20% can help you avoid private mortgage insurance (PMI) and lower your monthly payments, it’s far from a requirement. Thanks to modern lending programs, buyers can often qualify for a mortgage with a much smaller down payment.
Loan Programs That Require Less
- Conventional Loans: Some options allow as little as 3% down for qualified buyers.
- FHA Loans: Backed by the government, these loans require as little as 3.5% down, even for buyers with lower credit scores.
- VA Loans: For eligible veterans and active-duty military, VA loans offer zero down payment options.
- USDA Loans: These loans target rural areas and also provide zero down payment opportunities.
Benefits of a Smaller Down Payment
- Keep More Cash on Hand: Use your savings for moving expenses, furniture, or emergency funds.
- Enter the Market Sooner: A smaller down payment helps you become a homeowner faster.
- Flexibility: Various loan options mean there’s likely a program that fits your unique situation.
Let’s Bust the Myth Together
The path to homeownership is more accessible than you might think, and I’m here to guide you every step of the way. Whether you’re a first-time buyer or looking to upgrade, I’ll help you find the mortgage program that fits your goals.
📞 Call or text me today at (206) 949-5563, or visit YourMortgageCopilot.com. Let’s make your homeownership dreams a reality!
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