If saving for a down payment seems like a daunting task, you are not alone. Many people think they have to put 20% down or they can’t get a loan. Luckily, that’s not the case. There are many programs you can use that require as little as 3.5% down, such as the FHA loan. However, even 3.5% down can seem like a looming amount. If the average home price in your area is $200,000, … [Read more...] about Ideas for Saving for a Down Payment
If there’s one thing that can help you get approved for a mortgage, it’s a large down payment. Showing the lender that you have a vested interest in the property lowers the risk the lender must take. Putting more money down can help you cancel out negative factors such as a lower credit score or higher debt ratio. Your willingness to put your own money on the line shows lenders … [Read more...] about Simple Ways to Start Saving for House Down Payment
Buying a house is exciting. It is also very expensive. Long before you start shopping or fill out a mortgage application, you need to save money. This money pays for the down payment. Conventional loans offer the best terms for those who put down at least 20 percent of the price of the home. This is not reality for many people, though. Luckily there are other programs … [Read more...] about How to Save for Down Payment on a House
Loans higher than the conforming loan amount of $484,350 are considered jumbo loans. These loans typically sit on a lender’s own books and lenders have their own guidelines for them. Among those guidelines are high down payment requirements. Today, however, many lenders allow down payments as low as 5% even on a jumbo loan. Get Matched with a Lender, Click Here. The … [Read more...] about Is it Possible to Get a Jumbo Mortgage With a 5% Down Payment
After the housing crisis, the Obama Administration offered a first-time homebuyer credit, which helped first-time homebuyers afford a home. Unfortunately, the credit stopped in 2010, but there are other mortgage assistance programs that help make homeownership more affordable. Get Matched with a Lender, Click Here. What Was the First Time Homebuyer Credit? The first-time … [Read more...] about What is the First-Time Homebuyer Credit?