Dealing with Down Payments when Buying a Home
Probably the biggest obstacle for those buying a home is not the monthly mortgage payments, as you might guess, but finding the funds to pay the down payment. It is standard belief among potential home buyers that you must have 20% for a down payment. That may be the norm but it certainly is not the only way to obtain a lender home loan.
Obviously, the larger the down payment, the more likely it is that a bank will loan you the money for a home purchase, but that is not set in stone and it certainly is not the only way to finance the purchase of a home.
In fact, the Veterans Administration offer home loans with as little as zero down and a funding fee of between 2.15 and 3.3 percent. The Navy Federal Credit Union offers 100% financing to qualified members, and the USDA Rural Development mortgage program has no-down payment loans for not only farmland but also homes in areas with small populations.
If you have good credit you’ll find that even though standard banks require a down payment, many will not require 20% but something considerably less.
The real estate landscape is changing, and the economy changes with it. Lenders must find creative ways to serve the public, and alternative ways of looking at traditional lending is just one of those creative changes.
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