Myths About Buying a Home3/4/2019
There are quite a few common myths many people have about buying a home. Financially unattainable or credit not good enough. Here is one of the most common myths about buying a home:
I must have 20% to put down or I cannot afford to buy a home.
Saving 20% to buy a home is a challenge for most people and could be a roadblock to buying your home. However, about 60% of home buyers put less than 6% down. The programs listed below will allow you to do just that.
- FHA Loans – If you qualify for these loans you may put as little as 3.5% down
- USDA, VA, & Navy Federal Credit Union Loans – These governmental related lenders will allow qualifying buyers to put as little as 0% down.
- Some state and local agencies sponsor down-payment assistance programs that prospective home buyers in different ways. Talk to your lender to find out more about these programs.
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