Can I buy a house without 20% down?

April 2, 2023 Rinde Philippe

Debunking the 20% Down Payment Myth

Do you long to purchase a home but are concerned that the hefty 20% down payment will prevent you from realizing your dream? We're here to dispel the myth regarding down payments and demonstrate that owning a home is attainable.

The widely held misconception that a 20% down payment is required to purchase a home is untrue. The down payment is currently only 12% on average and only 7% for first-time homebuyers. Don't let this out-of-date myth prevent you from following your desire to become a homeowner.

Programs to Help You Buy a Home:

Numerous programs are available for qualified buyers to help you purchase a home with a down payment of as low as 3.5%. VA and USDA loans offer options without down payment requirements for eligible applicants. You have more opportunities to buy a home than you may have realized!

Do Your Homework

To take advantage of these options, it's essential to be well-informed. Visit websites like downpaymentresource.com to learn about down payment assistance programs, and work closely with a real estate advisor from the beginning to understand what you may qualify for in the home-buying process.

What This Means for You

You must understand that a 20% down payment to buy a home is unnecessary. Homeownership is more attainable than you would have anticipated because of the many programs and aid alternatives available. There are conventional loan options with a 3% down payment option.

Exploring Alternative Financing Solutions

In today's housing market, aspiring homeowners have a myriad of options to secure financing and make their dreams a reality. To navigate these alternatives effectively, it is essential to communicate openly with your lender and educate yourself on the various loan possibilities available. Establish a solid relationship with your lender and ask for a comprehensive analysis of the diverse loan options to help you secure your dream home.

Conclusion

Are you prepared to start becoming a homeowner and bust the myth about the 20% down payment? Let's talk and look at your possibilities together! Our group of experienced real estate consultants is here to walk you through the home-buying process and help you find the best residence.