We hear a lot of folks out there with mis-information when it comes to buying their first home. People seem to think that you have to have 20% to put down on the purchase of a new home, but that is not the case. This quick blog will showcase the down payment options you have for numerous programs.
As of right now, the minimum down payment needed for a conventional loan is 5% - not 20! That down payment can come from a variety of sources: most commonly checking / saving accounts or gifted by a family member. But it can also be withdrawn from an eligible retirement account. But, that's not the only option...
FHA requires only 3.5% as a down payment - a far cry from 20%! There are two programs also available that require NO down payment: Veteran's Administration loans and Rural Development. Plus, many states have down payment assistance programs such as MSHDA.
If you are reading this and wondering - Can I get into a home? - give us a call and let us help: 800-700-5839