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

This past week had little economic data for the financial markets to react to. As a result, home loan rates have inched higher though they remain near multi-year lows. It is normal to see quiet sideways trading action in the summer months, especially with the U.S./China trade war punting into…
Read More of the post Summer Sideways Trend Continues

This past week, Fed Chair Jerome Powell reaffirmed the Federal Reserve's dovish position as he testified on Capitol Hill, thereby paving the way for the first Fed rate cut in 10 years later this month. Mr. Powell used the word "uncertainties" five times in his prepared speech to describe potential…
Read More of the post A Slow News Week Ahead

“It's like watching paint dry.” That was this past week as financial markets around the globe traded in a bit of a calm, sideways pattern ahead of arguably the most important economic event of 2019 — the US/China trade talks at the G20 meeting. Depending on when you read this…
Read More of the post Calm Before the G20 Storm

What a difference a month makes. In May, stocks fell sharply, and interest rates declined each week. June has been a different story. The Fed has signaled rate cuts are likely coming. Stocks have been rallying higher, and the decline in interest rates has stalled. The Fed can't control home…
Read More of the post Rate Decline Stalls