DO YOU NEED TO HAVE 20% SAVED FOR A DOWN PAYMENT?
The idea of having a 20% down payment in the bank can make home-ownership feel unrealistic for some people. The good news is, it is absolutely possible to purchase a home with less than a 20% down payment.
Many lenders offer 0% down payment options to first-time homebuyers and veterans, and as low as a 3% down payment requirement for other borrowers. Buyers who pay at least 20% down typically receive better interest rates, a more competitive edge in a hot market, and avoid paying private mortgage insurance (PMI). It’s not the only way to buy a house though. I work with a variety of lenders who are able to make home-buying an option for a wide variety of people who might otherwise think homeownership is impossible for them.
Let me connect you with a lender who can assess your financial situation and help you determine what kind of mortgage and down payment works for you.