Are you wanting sell and buy a new home or looking to get your foot in the door (of your new home)?
Maybe you are a renter who’s tired of paying someone else’s mortgage, now may be the time to pursue the American dream of homeownership. In fact, the days of needing a 20% down payment are long gone. While you can always elect to put down the full 20% or more, there are now many alternatives available. Here’s what you want to know if buying a house is in your future.
-For an FHA loan, the minimum down payment you would need to buy a home is 3.5% down.
-Another popular choice for buyers is using a conventional loan with 5% down.
-Two options exist for 0% down financing, one being through the U.S. Department of Veterans Affairs. The program allows a veteran to purchase a house for literally no money down. Yep, the purchase price and loan amount are equal.