11/09/2023
Uncover the truth about down payments with these top three myths debunked:
🌟 Myth #1: 20% down is a must
Today, lenders offer various options tailored to fit diverse budgets, such as:
Conventional loans: 3% down
FHA loans: 3.5% down
VA loans: 0 down
USDA loans: 0 down
💸 Myth #2: Down payment covers all costs
Apart from your down payment, there are additional expenses. Closing costs typically range from 2-5% of the home's purchase price.
💰 Myth #3: Borrowed money for down payments
While personal loans could complicate your debt-to-income ratio, gifted funds are accepted for down payments with FHA, VA, or conventional loans.
Unveil the realities behind down payments and get informed for your home buying journey!