Most parents don't put a lot of credence in the statements "Everyone is doing it" and "No one does that anymore."They'll dig a little deeper and get the facts of the situation.Interestingly, when it comes to buying a home, similar common myths continue to prevail surrounding what it takes to buy a home.
One of the most common myths is that it takes 20% down payment to get into a home.Certainly, an 80% mortgage might have the most favorable interest rate.It won't require mortgage insurance and qualifying requirements might be a little less but there are alternatives.
"88% of all buyers financed their homes last year and consistent with previous years, younger buyers were more likely to finance their home purchase.In 2018, the median down payment was 13% for all buyers, 7% for first-time buyers and 16% for repeat buyers." Stated by the 2018 NAR Profile of Buyers and Sellers.
Qualified Veterans are eligible for zero down payment, 100% mortgage loans without mortgage insurance.
Conventional loans are available with as little as 3-5% down payments.
FHA mortgages have a 3.5% down payment.
USDA mortgages for rural housing have two major products: one does not require a down payment and the other has a 3% down payment.Maps, based on population numbers, are available to determine if the area you're interested in purchasing in is eligible for a USDA mortgage.
We've come to believe that facts can be instantly verified by searching on the Internet.Unfortunately, there are a lot of things on the Internet that are questionable and certainly, that includes some information on mortgages.Specifically, some loans are not available in certain areas and to a particular persons based on their income and credit history.
The best approach, when it comes to buying a home, is to get the facts from a knowledgeable and trusted loan professional before you begin the home search process. Contact me at (701) 258-1213 for a recommendation.
A website may not provide relevant information for your individual situation. Purchasing a home is a large investment and taking the time to find out the facts is worth the effort.
Author:Mary Shelkey-Miller Phone: 701-240-7355 Dated: February 20th 2019 Views: 91 About Mary: MSM Realty, Inc. was established in December of 2013 by me, Mary Shelkey-Miller.
I started selling ...
We recently changed our name BUT we have not changed the service that we provide!! We are a small company that pays attention to the client first and foremost. We have been in business since 2013 and have been growing a little each year. We work with buyers, sellers, investors, and commercial sales. Our agents are ready and willing to help you with all of your real estate needs.
If you’ve been thinking about buying a home or re-financing, now mig
"You can't go wrong house hunting with Derrick!!! I've known him for three years as a apartment manager and then was referred back to him by another realtor friend. He's an outstanding guy with a big heart who cares about what house your going to make your home. I'm at ease as we look at houses because with his background in construction he can pick up on expensive repairs that I had no clue would be an issue.