Here are a few ways you can put less than 20% down on a home.
Putting down 20% lets you do a conventional loan with no mortgage insurance. However, you don’t need 20% to do that. Many of my clients can get a conventional loan with only 3% to 5% down using some of my preferred lenders. Some programs out there let you qualify for the best rates with a lower down payment. With the Home Possible program, you can even avoid paying for mortgage insurance.
“20% down isn’t always possible for people, and it’s not a requirement in today’s market.”
Zero-down loans are the final loan type. There are a few programs out there that will let you put zero down, but the most traditional are VA loans. If you’ve served in our military, you qualify for VA loans, and you should take advantage of them. However, you should work with a Realtor and lender who have a lot of experience with VA loans. They can be challenging in competitive situations like our market.
How much do you need for a down payment? I’d be happy to chat about it. Give me a call, and I can hook you up with one of my preferred lenders. Together, we can create a perfect game plan for your home-buying process.