THE IDEA THAT PEOPLE CAN’T BUY A HOME WITH A LOW DOWN PAYMENT IS AN ABSOLUTE LIE!
According to recent statistics, the average price of a house in the U.S as at the end of 2018 was $318,600. As crazy as it may sound, this projection may have skyrocketed by about 20% in 2019, making home buying a huge deal as if it isn’t already.
I don’t say this to discourage your hopes to buy a home in the slightest. I hope to restore some hope. Sure, homes these days are pretty expensive, but there are so many options to still help families get into homes without killing their financial wellbeing.
This is where getting a Mortgage can be a lifesaving option. Many Mortgage companies offer Low Down options, meaning instead of saving the industry standard of 20% to put down, they have as low as 3% down & even ZERO % down options.
WHAT IS A DOWN PAYMENT?
A down payment refers to the cash you pay before getting into a home. Down payments can crush the hopes of any hopeful homebuyers because most of them tend to be highly-priced. Like I mentioned above, it’s typical to save 20%.
WHAT IF I CANNOT RAISE THE 20% DOWN?
Even though we have mortgage bankers that are willing to negotiate with you for the best price, most people are still skeptical. The idea that low-down loans will be costly over the long haul is so deeply rooted in our minds and a lot of people probably think the higher the down payment the better. This isn’t necessarily true today but might have been the standard 20 years ago. The real estate industry is very flexible, ever-changing and accommodative. Not every homebuyer can live up to 20% down rule, mortgage bankers are aware of that & are creating more room to accommodate them.
WHY TAKE UP A LOW DOWNPAYMENT MORTGAGE?
Most homebuyers tend to shun away from low down payment loans because of additional costs, like mortgage insurance. This shouldn’t stop you from getting your dream house though, because low down payments can still be a good option if you know how to finesse the best situation out of one.
Some advantages of a low down include:
Mortgage lenders that offer low down loans also tend to have minimum credit score requirements, making them ideal for most first-time homebuyers.
Making a smaller down payment will help reduce the chances of hurting your financial wellbeing. What if the 20% down payment is all you have in terms of savings? What happens if your child gets sick, or if the heater fails? Big down payments often leave buyers financially drained for months and for this reason, most people are considering low-down loans to avoid that stress & belt-tightening.
A low-down loan will help you get into a house sooner than later since you don’t have to save up for as long if you were trying to put 20% down. The problem with waiting to save the 20 % is that it could take years & longer you wait, there’s no guarantee what the housing market will look like & it could be more expensive to go this route in the long run.
The nature of your local real estate market can sometimes be favorable for making a low-down-payment on a house. With mortgage creditors such as Staples Mortgages, you can get a great rate and still get a low down loan for your mortgage.
We have a plethora of options when it comes to landing mortgage loans with low down payments. One option is the Federal Housing Authority loan (FHA).
Being a state-sponsored program (Not backed by the Government), they can offer lower interest rates at only 3.5% although this means that you will have to pay for mortgage insurance. The sole purpose of this insurance is to protect the mortgage lender if a foreclosure occurs, which makes sense. They are taking more of a risk to Lend to you, so homebuyers shouldn’t detest it. Though, pro tip. If you get a low-down loan, wait 6 months to a year & then refinance to get rid of the Mortgage Insurance. Having to pay Mortgage Insurance isn’t a permanent problem, so I wouldn’t worry about it too much.
Conventional mortgages also offer low down options. They are also not backed by the government. You do need to have a better credit score for a Conventional though. Definitely look into a Conventional too for a Low-down option.
Check out Staples Group Mortgage if you are looking for other Low Down loans, & other loan types too! You’ll find lots of resourceful knowledge & Info to aid you through the process for home buying. Good look house hunting!
Mortgage lenders that offer low down payments also tend to have minimum credit requirements, making them suitable for first-time homebuyers.
Making a smaller down payment will help reduce the chances of becoming house poor. What if the 20% down payment is all you have in terms of savings? What happens if your child falls ill, or if the heaters fail? Big down payments often leave buyers financially drained and for this reason, most people are shifting their focus to the variations that low down payments provide.
Mortgage loans with low down payments will enable you to take a shorter time to make your dent into the real estate market. Saving for a down payment can take years, and keep in mind that the prices of homes are always rising so the longer you wait, the costlier it will turn out.
The nature of your local real estate market can sometimes be favorable for making smaller down payments. With mortgage creditors such as Staples Mortgages, you can acquire home mortgages at affordable interest rates and still get to pay low down payments for your mortgages. We have mortgage loans that warrant down payments of as low as 5% to 6% and homebuyers are giving them a green light.
We have a plethora of options when it comes to landing mortgage loans with low down payments. One prolific option is the Federal Housing Authority loan (FHA). Being a state-sponsored program, they lower interest rates to about 0.8% annually and this is divided into 12 monthly installments. The down payment stands at only 3.5% although this means that you will have to pay for mortgage insurance. The sole purpose of this insurance is to protect the mortgage creditor if a foreclosure occurs, hence homebuyers shouldn’t really detest it.
Conventional home mortgages also have an inclination towards offering low down payments. These are mortgage loans, which are not backed or guaranteed by the government but are catered for by private insurers. These types of mortgages are a common thread among borrowers. Besides the reasonable down payment options, these lenders also avail of flexible interest rates, although this typically depends on one’s credit score.
Generally, the real estate realm has witnesses flaring prices of houses, and this often discourages most people from making the leap. However, there exist mortgage creditors that acknowledge the tough economic times, hence, they are willing to offer homebuyers affordable down payments. You can check out Sun American Mortgage if you are looking for a home mortgage for building a home.
View & Download Original Source @ https://www.staplesgroupmortgage.com/the-idea-that-people-cant-buy-a-home-with-a-low-down-payment-is-an-absolute-lie/
I don’t say this to discourage your hopes to buy a home in the slightest. I hope to restore some hope. Sure, homes these days are pretty expensive, but there are so many options to still help families get into homes without killing their financial wellbeing.
This is where getting a Mortgage can be a lifesaving option. Many Mortgage companies offer Low Down options, meaning instead of saving the industry standard of 20% to put down, they have as low as 3% down & even ZERO % down options.
WHAT IS A DOWN PAYMENT?
A down payment refers to the cash you pay before getting into a home. Down payments can crush the hopes of any hopeful homebuyers because most of them tend to be highly-priced. Like I mentioned above, it’s typical to save 20%.
WHAT IF I CANNOT RAISE THE 20% DOWN?
Even though we have mortgage bankers that are willing to negotiate with you for the best price, most people are still skeptical. The idea that low-down loans will be costly over the long haul is so deeply rooted in our minds and a lot of people probably think the higher the down payment the better. This isn’t necessarily true today but might have been the standard 20 years ago. The real estate industry is very flexible, ever-changing and accommodative. Not every homebuyer can live up to 20% down rule, mortgage bankers are aware of that & are creating more room to accommodate them.
WHY TAKE UP A LOW DOWNPAYMENT MORTGAGE?
Most homebuyers tend to shun away from low down payment loans because of additional costs, like mortgage insurance. This shouldn’t stop you from getting your dream house though, because low down payments can still be a good option if you know how to finesse the best situation out of one.
Some advantages of a low down include:
Mortgage lenders that offer low down loans also tend to have minimum credit score requirements, making them ideal for most first-time homebuyers.
Making a smaller down payment will help reduce the chances of hurting your financial wellbeing. What if the 20% down payment is all you have in terms of savings? What happens if your child gets sick, or if the heater fails? Big down payments often leave buyers financially drained for months and for this reason, most people are considering low-down loans to avoid that stress & belt-tightening.
A low-down loan will help you get into a house sooner than later since you don’t have to save up for as long if you were trying to put 20% down. The problem with waiting to save the 20 % is that it could take years & longer you wait, there’s no guarantee what the housing market will look like & it could be more expensive to go this route in the long run.
The nature of your local real estate market can sometimes be favorable for making a low-down-payment on a house. With mortgage creditors such as Staples Mortgages, you can get a great rate and still get a low down loan for your mortgage.
We have a plethora of options when it comes to landing mortgage loans with low down payments. One option is the Federal Housing Authority loan (FHA).
Being a state-sponsored program (Not backed by the Government), they can offer lower interest rates at only 3.5% although this means that you will have to pay for mortgage insurance. The sole purpose of this insurance is to protect the mortgage lender if a foreclosure occurs, which makes sense. They are taking more of a risk to Lend to you, so homebuyers shouldn’t detest it. Though, pro tip. If you get a low-down loan, wait 6 months to a year & then refinance to get rid of the Mortgage Insurance. Having to pay Mortgage Insurance isn’t a permanent problem, so I wouldn’t worry about it too much.
Conventional mortgages also offer low down options. They are also not backed by the government. You do need to have a better credit score for a Conventional though. Definitely look into a Conventional too for a Low-down option.
Check out Staples Group Mortgage if you are looking for other Low Down loans, & other loan types too! You’ll find lots of resourceful knowledge & Info to aid you through the process for home buying. Good look house hunting!
Mortgage lenders that offer low down payments also tend to have minimum credit requirements, making them suitable for first-time homebuyers.
Making a smaller down payment will help reduce the chances of becoming house poor. What if the 20% down payment is all you have in terms of savings? What happens if your child falls ill, or if the heaters fail? Big down payments often leave buyers financially drained and for this reason, most people are shifting their focus to the variations that low down payments provide.
Mortgage loans with low down payments will enable you to take a shorter time to make your dent into the real estate market. Saving for a down payment can take years, and keep in mind that the prices of homes are always rising so the longer you wait, the costlier it will turn out.
The nature of your local real estate market can sometimes be favorable for making smaller down payments. With mortgage creditors such as Staples Mortgages, you can acquire home mortgages at affordable interest rates and still get to pay low down payments for your mortgages. We have mortgage loans that warrant down payments of as low as 5% to 6% and homebuyers are giving them a green light.
We have a plethora of options when it comes to landing mortgage loans with low down payments. One prolific option is the Federal Housing Authority loan (FHA). Being a state-sponsored program, they lower interest rates to about 0.8% annually and this is divided into 12 monthly installments. The down payment stands at only 3.5% although this means that you will have to pay for mortgage insurance. The sole purpose of this insurance is to protect the mortgage creditor if a foreclosure occurs, hence homebuyers shouldn’t really detest it.
Conventional home mortgages also have an inclination towards offering low down payments. These are mortgage loans, which are not backed or guaranteed by the government but are catered for by private insurers. These types of mortgages are a common thread among borrowers. Besides the reasonable down payment options, these lenders also avail of flexible interest rates, although this typically depends on one’s credit score.
Generally, the real estate realm has witnesses flaring prices of houses, and this often discourages most people from making the leap. However, there exist mortgage creditors that acknowledge the tough economic times, hence, they are willing to offer homebuyers affordable down payments. You can check out Sun American Mortgage if you are looking for a home mortgage for building a home.
View & Download Original Source @ https://www.staplesgroupmortgage.com/the-idea-that-people-cant-buy-a-home-with-a-low-down-payment-is-an-absolute-lie/
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