This is one of the first questions I get asked by many people looking to buy. The other day I had someone tell me that they didn’t know when they would have 20% saved up. I said you don’t need 20% down! Here is a list of down payment myths!!
If you aren’t sure how much you need for a down payment, talk to your loan officer. There are many programs that can help you purchase your first home and even help with your next home! With home prices increasing and interest rates so low, it may make more sense to put less down, keep an emergency fund and buy a home now. If interest rates go up, you will have less buying power and may not qualify for as much home as you would now. It’s a great time to buy!!
Leslie Vanderwerf, NMLS ID#335509, AMEC Home Loans, An Equal Housing Lender, NMLS#150953 – Email – Website
