Down Payment breakdown | You D O N ' T need 20% down | Home buyer tips!
32 بار بازدید -
2 هفته پیش
-
If you're thinking about buying
If you're thinking about buying your first home, saving up for all the costs involved can feel daunting. Especially when it comes to the down payment.
When you think of down payments to buy a house you've probably heard you need to save at least 20% of the home's price to put down. Well, that just isn't the case!
Unless specified by your loan type or lender, it is typically not required to put 20% down.
I want to touch base on this because the is such a myth when it comes to down payments. I hear all the time from buyers. When you hear that you have to put 20% down to buy a home, that can be the case, but most of the time it's not a requirement.
The 20% down myth comes from this...
When borrowing money for a home, lenders will only loan up to 80% of the home's value. So if you have a loan program that doesn't require the 20% down, say 5% or 3% or even 0%, you will be paying PMI (private mortgage insurance) every month until your loan amount due is at or under the 80% of the homes value.
For example if you buy $100,000 home on a zero down mortgage (a VA or USDA) your monthly payment will include an additional fee for PMI until you pay the loan down to $80,000.
Now that you know you don't need 20% cash money down you could be closer to buying your dream home than you realize.
According to the National Association of Realtors, the median down payment hasn't been over 20% since 2005. In fact, for all home buyers today it's only 15% and it's even lower for first-time home buyers at just 8%.
What does all of this mean?
It means you may not need to save as much as you ay have originally thought! Yay!
According to down payment resource, there are over 2,000 home buyer assistance programs in the US and many of them are intended to help you with down payments alone.
Plus there are additional loan options that can help with that too.
FHA Loans offer down payments as low as 3.5% while VA and USDA loans have no down payment requirements for qualified applicants.
Watch this video 👇🏻 for a deep dive into various loan options 👇🏻
What are the different types of mortg...
With so many resources available to help you with your down payment, the best way to find what you qualify for is by talking with a lender. They know about local grants and loan programs that may help you out. Remember, each broker may have loan options available that are commonly known about or even available at every lender.
E N T E R creative financing ✨
Don't let the misconception that you have to have 20% cash saved hold you back if you're ready to become a homeowner!
Lean on me! I will help you and help find resources that can help you make your dreams a reality.
If you put your plans on hold until you've saved up 20% it may actually cost you in the long run.
Check out this video👇🏻 to see how much a year it could cost you 👇🏻
DON'T make this mistake! | Waiting to...
According to US Bank, there are plenty of reasons why it might not be possible for some.
Waiting to say save up 20% for a down payment might cost too much time though. While you're saving for your down payment and paying rent, the price of your future home will go up home.
Home prices are expected to keep appreciating over the next 5 years, meaning your future home will likely go up in price the longer you wait. If you're able to use these resources to buy now, that future price growth, that's going to happen whether you buy it or not, but it will help you build equity rather than cost you more money later.
Bottom line, keep in mind that you don't always need a 20 % down payment to buy a home!!
.
.
.
FREE Guides & Info 👇
https://linktr.ee/HouseofSparks
Follow Me! 👇
FB | Facebook: christina.sparks.52
IG | Instagram: sparks.realtor
TT | https://www.tiktok.com/@houseof_spark...
Pinterest | https://pin.it/1GzqpCQ
Call/Text | 417-350-6419
Email | [email protected]
When you think of down payments to buy a house you've probably heard you need to save at least 20% of the home's price to put down. Well, that just isn't the case!
Unless specified by your loan type or lender, it is typically not required to put 20% down.
I want to touch base on this because the is such a myth when it comes to down payments. I hear all the time from buyers. When you hear that you have to put 20% down to buy a home, that can be the case, but most of the time it's not a requirement.
The 20% down myth comes from this...
When borrowing money for a home, lenders will only loan up to 80% of the home's value. So if you have a loan program that doesn't require the 20% down, say 5% or 3% or even 0%, you will be paying PMI (private mortgage insurance) every month until your loan amount due is at or under the 80% of the homes value.
For example if you buy $100,000 home on a zero down mortgage (a VA or USDA) your monthly payment will include an additional fee for PMI until you pay the loan down to $80,000.
Now that you know you don't need 20% cash money down you could be closer to buying your dream home than you realize.
According to the National Association of Realtors, the median down payment hasn't been over 20% since 2005. In fact, for all home buyers today it's only 15% and it's even lower for first-time home buyers at just 8%.
What does all of this mean?
It means you may not need to save as much as you ay have originally thought! Yay!
According to down payment resource, there are over 2,000 home buyer assistance programs in the US and many of them are intended to help you with down payments alone.
Plus there are additional loan options that can help with that too.
FHA Loans offer down payments as low as 3.5% while VA and USDA loans have no down payment requirements for qualified applicants.
Watch this video 👇🏻 for a deep dive into various loan options 👇🏻
What are the different types of mortg...
With so many resources available to help you with your down payment, the best way to find what you qualify for is by talking with a lender. They know about local grants and loan programs that may help you out. Remember, each broker may have loan options available that are commonly known about or even available at every lender.
E N T E R creative financing ✨
Don't let the misconception that you have to have 20% cash saved hold you back if you're ready to become a homeowner!
Lean on me! I will help you and help find resources that can help you make your dreams a reality.
If you put your plans on hold until you've saved up 20% it may actually cost you in the long run.
Check out this video👇🏻 to see how much a year it could cost you 👇🏻
DON'T make this mistake! | Waiting to...
According to US Bank, there are plenty of reasons why it might not be possible for some.
Waiting to say save up 20% for a down payment might cost too much time though. While you're saving for your down payment and paying rent, the price of your future home will go up home.
Home prices are expected to keep appreciating over the next 5 years, meaning your future home will likely go up in price the longer you wait. If you're able to use these resources to buy now, that future price growth, that's going to happen whether you buy it or not, but it will help you build equity rather than cost you more money later.
Bottom line, keep in mind that you don't always need a 20 % down payment to buy a home!!
.
.
.
FREE Guides & Info 👇
https://linktr.ee/HouseofSparks
Follow Me! 👇
FB | Facebook: christina.sparks.52
IG | Instagram: sparks.realtor
TT | https://www.tiktok.com/@houseof_spark...
Pinterest | https://pin.it/1GzqpCQ
Call/Text | 417-350-6419
Email | [email protected]
2 هفته پیش
در تاریخ 1403/04/15 منتشر شده
است.
32
بـار بازدید شده