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 II.   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.

Related Articles

"Got the inflation blues." (B.B. King) Small business optimism may be near record highs, but signs of inflation could cause some to sing the blues. The Consumer Price Index (CPI) rose 2.9 percent in the 12 months ending in June, up slightly from the 2.8 percent annual reading in May.…
Read More

"I get knocked down, but I get up again." (Chumbawamba) Mortgage bonds have bounced up and down in recent weeks as global trade headlines sparked volatility. The markets were closed Wednesday for Independence Day, but Friday's Jobs Report also brought reasons to celebrate. Non-farm payrolls rose by 213,000 new jobs…
Read More

If you've got a paint project to tackle in the coming months, here is a little help to make the job easier and cleanup faster. Plus, a few tips to keep you organized when touching up those inevitable bumps and scrapes down the road. Eliminate paint odor at the source. Simply…
Read More

On July 4 we celebrate Independence Day — the formal adoption of our Declaration of Independence on July 4, 1776, the first step in turning the 13 colonies of England into the United States of America. When the Founding Fathers declared their independence, they didn’t form the United States of…
Read More