How To Buy a Home With Just 3.5% Down – Even With Lousy Credit
Knowledge Is Power
Let’s bust one myth most people believe when it comes to buying a new home. You DO NOT need to put 20% down.
In fact, 6% was the median down payment for first-time home buyers who financed a purchase in 2019, according to a report by the National Association of Realtors.1
But what if you could put even less down on a new home – even with lousy credit?
The Government Program A Good Real Estate Broker Should Know
You can get a mortgage with the top mortgage brokers in your area with little or no down payment and a low credit rating when you turn to the FHA – the Federal Housing Administration – who will insure your loan.
Let’s bust one myth most people believe when it comes to buying a new home. You DO NOT need to put 20% down.
The FHA allows you to use a minimum down payment of 3.5%, even if you have an imperfect credit history.
FHA loans are very popular with first-time homebuyers and those with low credit scores. And a good Real Estate agent can point you in the right direction to find about these loans.
What Are You Waiting For?
It is easy to qualify for an FHA loan. All you need is down payment of 3.5%.
So, if you cannot afford the usual 20%, or if private mortgage insurers in your region walk away when you show up at their doors, you might find the FHA option as your next, best move.
There are some maximum limits to the 3.5% down payment FHA loans. However, a top real estate agent can guide you about all of the options.
It’s Time To Get Creative!
The FHA has a few specific requirements you have to meet, but considering the advantages of a 3.5% down payment, they are not overly burdensome.
Exploring FHA loans is not only an excellent strategy to being well-prepared, it’s a creative strategy that will help you get into a new home with little money down.
And let’s face it, taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial wellness.
Search For a Real Estate Agent That Can Help You Find Your Dream House at an Amazing Price
These ultra-low, down payment options are mostly advertised online. So, you probably won’t find these offers from conventional real estate sites – no matter how many sites you check. However, a great Real Estate Agent and Broker can help.
With a great Real Estate Agent and Mortgage Broker by your side, you can get a house – and with the right program – for as little as 3.5% down.
Interested in the possibilities? Search for a great Real Estate Agent today.
