It’s time to put this myth to rest. We talk to countless potential homebuyers about what it takes to buy a home, some that have even educated themselves on the process and still many believe that you need to have a 20% down payment to buy a house.

In fact this has not been the case since the 1950’s when FHA loans were created to spur the housing industry out of World War 2. They created a low down payment, government backed loan to help American’s buy houses without having to save up huge sums of money for the down payment.

Since this period of time we have evolved and there are now loan programs out there that don’t require a down payment at all. That’s right, $0 down, 100% financing for certain loan programs that either target a specific buyer (Veterans) or for you to live in rural areas (USDA). Don’t worry if you don’t fit into these specific categories, we have a solution for you!

It’s called “Down Payment Assistance” or DPA programs. There are programs out there that can work for you and can give you as much as 6% of the purchase price toward your down payment and closing costs. There is really too much to explain because each instance is dependent upon YOUR particular situation, so if you would like to know more, just CLICK HERE.

 

All the best!
Brooks Kelly

Related Articles

Right now, the biggest news story to follow is the U.S. and China trade negotiations. This past week, home loans started inching higher but were "saved" momentarily midweek when reports came out suggesting a delay of a "phase one" trade deal signing. Remember that bonds and home loan rates like…
Read More of the post How Fast Rates Can Change

Fed Takes Action Nov 1 2019

This past week the Federal Reserve cut the Fed Funds Rate for the third time this year, by .25%. Along with the rate cut, the Fed released a statement that suggested a "pause" in further cuts, but stated they will be ready to act again should "slowing global conditions" continue…
Read More of the post Fed Takes Action

This past week home loan rates were essentially unchanged from the previous week, breaking a trend of higher rates since the beginning of October. Bonds hate good news and there is still plenty to go around: U.S./China trade dispute progress Brexit progress Corporate earnings remain positive, as does the economic…
Read More of the post The Remedy for Higher Rates

This past week home loan rates ticked up, yet remain just above 3-year lows. Here are 3 reasons why: Solid corporate earnings and future positive guidance from many public companies were a pleasant surprise for many who were bracing for a far more disappointing outlook. As a result, stocks moved…
Read More of the post Optimism Hurts Rates