09/17/2022
Popping in to remind you that you Don’t. Need. 20%. Down. To Buy A House! 🏡
I'll say it a little louder for the people
in the back!! You do not need 20% down to buy a
home!
In fact, the average home buyer puts down 6%!
Yes, there are benefits to putting down 20%
on a property - but that's not always feasible for every
homebuyer.
Downpayments do depend on the type of
mortgage you get. FHA loans start around 3.5% and
Conventional loans around 5%. VA and USDA loan do
100% financing but you have to qualify for those.
For a $200,000 home an FHA loan would only need $7,000 for a
downpayment and a Conventional loan would need $10,000.
That's a lot more realistic to most than $40,000 for 20% down!
There are perks to putting down 20% though, so let's not disregard how it can lower your monthly mortgage
payments and eliminate other additional mortgage fees.
This is why it is so important to have a Realtor guide you and connect you with the right mortgage lender. Message me and let’s get you started on your home buying journey 🤗 Leann Lester
