Don’t Be Intimidated By A Home Down Payment
Somewhere in the back of our minds many of us get hung up on the idea of a down payment. If you’ve already purchased a home it is likely you can recall that moment. It can be a crippling thought that keeps many of us from exploring what may be one of the best decisions you can make. It shouldn’t be that way. A home is a great long term investment. The path there can seem long and arduous but understanding and demystifying the process clears a well defined path for you to follow. Many have. The same resources are available to you.
What Does A Downpayment Look Like?
There are many misconceptions about how home down payments work. My primary goal in writing this is that everyone who is interested in buying a home that needs to finance should speak with a REALTOR® who will also get you in touch with some of their primary resources. If you make the call and start that conversation, you’ve already taken the biggest step. One of the many misconceptions is that you need 20% down…this is not true. You may find a 3.5% or even 0% if it’s for a first time home buyer. There are instances and certain circumstances where this may be a factor, but generally speaking you don’t need 20% down. There are loans where this is absolutely not the case.
Are You A First Time Home Buyer?
The type of loan you get determines your home down payment, but if you are a first time home buyer, then you may qualify for down payment assistance! What! Yes! Again, get in touch with your REALTOR® to connect you with their trusted lender to have that conversation. They undoubtedly have a First Time Home Buyers class to get you going in the right direction. It’s not only informative, but it is required in order to qualify.
Are You Military?
One of the many benefits of your military service is a VA Loan which does not require a home down payment! What! Well, speak with your REALTOR® and then their lender. Alternately, you can speak to your existing lender. These loans are common and any lender should be able to assist you with finding out more information on the criteria and how they work.
Have The Conversation!
Make the calls and get the information. These are free learning opportunities with knowledgeable professionals. There is no cost to get the information you need to plan your path to home ownership. It is also an opportunity to build relationships with those who are there to help you. Make the call and start moving toward those real estate goals! Most of all, don’t ever disqualify yourself without having spoken to the right folks! Good luck!
