Well, I Closed several transactions within the past 30 days, and you might be surprised to learn that the down payments 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 down payment. 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% down payment. So, that’s just $3,500 on a $100K purchase, for example.
2.) VA and USDA : Both offer zero down payment 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% down payment, and they’re common in today’s market.
The above are the most commonly-used programs, but there are others. What's 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!
As a REALTOR with JP and Associates, John Brooks is passionate about helping his clients navigate the current real estate market to their Point B destination with the least amount of disruption possible. Access his expertise by emailing [email protected] or hit his website, www.johnbrooks-realtor.com. His mobile is 972-693-5658 if you'd like to call or text.
Author:Chad Gabriel Phone: 817-471-7358 Dated: May 1st 2013 Views: 2,397 About Chad: I have been a DFW resident for the past 20 years and have lived in many different areas of the metro...
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JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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What Is Private Mortgage Insurance (PMI)?When it comes to buying a hom
"“My husband and I were in need of a house to keep us both happy. Diane stuck it out through the normal “his wishes” vs. “her wishes” for a long time. She made time to show me houses that fit our schedule and often she showed us houses after “normal” business hours so that my husband could be included. I was completely confident in her help and would recommend her services to anyone looking for that perfect place and the process to complete the purchase.”"