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You Don't Need A 20% Down Payment

Recently, we read a study that 44% of Millennials and 51% of Gen Xers believe that a 20% down payment is required to purchase a home. NOT TRUE.

Programs are available for as little as 3% and 5% down. Homeownership is achievable for those with limited funds. These programs also include options for borrowers with lower credit scores.

For example, Fannie Mae’s Home ReadyR Mortgage program was designed for borrowers with low-to-moderate income, a lower credit score and a higher debt-to-income score.* These borrowers may be able to get into a home with as little as 3% down and discounted mortgage insurance. Borrowers do not need to be first-time homebuyers, but they do need to attend homeownership counseling.

 

*Program restrictions apply, full details available by calling 866.591.0655 and speaking with a mortgage consultant.


- Apr 15, 2019



 
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