MYTH: Your down payment must be 20%!
Stashing thousands of dollars away in your sock drawer seems irrational in 2017. However, this image is engrained in a lot of young buyers heads when it comes to how much money is needed as a down payment for buying a home. Owning a home is a great choice for a lot of reasons, yet many people feel this is not attainable because of how much cash is needed.
TRUTH: SOME MORTGAGE OPTIONS ALLOW YOU TO HAVE AS LITTLE AS $0 DOWN!
-Don't feel like homeownership is out of reach for you!
-Find out what your break even point is financially for how long you plan to live in your home.
You should always do your homework and find what works best for your situation. 20% down payment is ideal if you want to avoid PMI (private mortgage insurance). But many lenders will be glad to offer up home conventional home loans with 10% or 5% down—as long as you're willing to foot the monthly bill for PMI. Or you can skip the conventional loan and go with an FHA, USDA or VA loan (3.5%, 0% and 0% down respectively).
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