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It has been repeated numerous, numerous times: If you want to buy a house, you need a 20% down payment. Fortunately, you don’t have to put 20% down anymore. “It’s a myth that all homebuyers must have a 20% down payment to buy a home,” says John Inzeo, Vice President of Wisconsin Mortgage Corporation.
Here’s a list of alternatives to putting 20% down on your home loan:
- Figure out financing before looking at a house. “There are numerous programs that will help you buy a home without putting 20 % down,” Inzeo said. To find one that you qualify for, contact a Mortgage Lender at Wisconsin Mortgage Corporation today. Down payments can range from 0% and up, depending on the product.
- Some common but unconventional routes you might take. “FHA loans were once considered great loans for first-time, low-income homebuyers. But now, they are much more expensive than they use to be because of mortgage insurance. USDA loans are generally well-regarded and coveted by many homeowners with low-to-middle incomes that want to purchase a home in an area considered rural.” For example, the Federal VA mortgage loan and the USDA Rural Housing Program are 0% down payment programs. Conventional Loan options (Fixed Rate and Adjustable programs) typically require a minimum down payment of 5%, and in some special cases 3%. The FHA Loan requires a minimum of 3.5%. To see what could work with your income, click here.
Wisconsin Mortgage Corporation advises you to seek the advice and counsel of a Loan Officer before you make any decisions. In today’s world of home financing, there are many options for home buyers to consider. Part of your choice will include the question of down payment and what loan products is your best solution. Wisconsin Mortgage Corporation would be pleased to offer guidance as you begin your journey to home ownership.
Tags: buying a home, current housing market, homes for sale, Housing Market, living in milwaukee, Milwaukee, milwaukee lifestyle, Mortgage, shorewest, Shorewest Realtors, Wisconsin, Wisconsin Mortgage Corporation
Categories: Mortgage
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