One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down.
If a qualified first-time buyer purchases a home at today’s median home price of $310,600, with a 6% down payment, the down payment only amounts to $18,636. That’s nowhere near $62,600 if one was required to pay 20% down.
If you qualify financially for an FHA government loan, the down payment can be as low as 3.5% of the purchase price or $10,871 for the same $310,600 house.
AND, if you qualify for a VA loan, the down payment for that same house would be zero!
Contact The Drefs Team at 623-694-0354 to see how we can offer you ZERO lender fees and $1,000 at closing to help cover your other closing costs by using Keller Mortgage. In addition, The Drefs Team can find you the home of your dreams.