Many potential homeowners and renters think that they need a large amount of money in order to make a down payment on a home.
In fact, 87% of non-homeowners think that you need a minimum of 10% down, which is not always the case. There are lots of different loan programs out there. Depending on where you are looking to buy, you can get a home for 5% or 0% down.
If you are interested in buying a home, I recommend that you speak with a local lender. Local lenders know the options available in the area and generally are better at communicating than national or online lenders. Your lender will help you know which programs are available to you, and you may be surprised at how little of a down payment is required.
Since we’re talking about the lending process, I’d like to mention that now is a great time to buy a home. Overall, interest rates are still low, and our market has certainly stabilized, so there’s not as much risk from a value standpoint.
Again, talk to a local lender so that you know what your mortgage options are going forward. If you have any other questions about buying a home, just give me a call or send me an email. I would be happy to help you!