You’re sure to have heard that you need a 20% down payment before you can consider buying a house. However, Shashank Shekhar from The Mortgage Reports, explains that this is not necessarily true. The housing market is improving, which means that as a homebuyer, you now have more options when it comes to mortgage loans. The FHA loans only require 3.5% down and VA and USDA loans offer 100% financing- meaning a 0% down payment.
Don’t have 20% for a home downpayment? No problem!
As the housing market improves, mortgage lenders have made a multitude of low- and no-downpayment mortgage programs available to U.S. buyers. The programs aren’t just for first-time buyers, either. Repeat home buyers are getting access to the same zero-down products as everyone else.
So, what options do first-time and move-up buyers have today? Plenty. Read the full article from themortgagereports.com