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!