Down Payments For A Home Are Cheaper Than You Think

Down Payments For A Home Are Cheaper Than You Think

Gone are the days of saving for years upon years and still barely being able to afford a home. Welcome to the new era of 3-5% percent down making the American dream of home ownership possible for almost everyone. 

Buying a Home with as Little as 3-5% Down Payment

We have recently reported on the misconception that many buyers have regarding the down payment necessary to purchase a home. Multiple studies reveal that 40-50% of Americans believe you need between 15-20% of a down payment to be eligible to purchase a home.This misconception came about as the government just last year debated new guidelines for residential mortgages because of the housing collapse in 2007. Some were arguing that there should be a minimum of 20% or even 30% down payment on all mortgage loans. However, those standards were never implemented.To counter this misunderstanding, Christina Boyle, Freddie Mac’s VP and Head of Single-Family Sales & Relationship Management, in a recent Executive Perspectives explained that a person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent”.

3% Down Payments Available Soon?

Just last week, Federal Housing Finance Agency Director Mel Watt announced that mortgages requiring only a three percent down payment may soon be available:
“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. Through these revised guidelines, we believe that the Enterprises will be able to responsibly serve a targeted segment of creditworthy borrowers with lower-down payment mortgages by taking into account “compensating factors.”

Bottom Line

If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options. You may be pleasantly surprised.

Contact Gloria Hoagland today to get started.

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Data Courtesy of:  www.keepingcurrentmatters.com



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Dated: October 30th 2014
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About Jessica: Jessica Boozer stands for experience, market knowledge and diligence. If you are looking for a local...

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