In case you weren’t aware already, there are a lot of different down payment options out there for homebuyers. Here are some examples.
Is 20% the only down payment option out there for homebuyers? A lot of people may believe this myth, but it simply isn’t true.
The truth is that there are plenty of different down payment options out there for different loans. You can put the traditional 20% down, but there are also 5%, 10%, 3.5%, and even 0% down payment options.
It all depends on where you are in your life. If you’ve owned a home for five years and are ready to cash in on that equity and use that for a down payment on a new home, putting more money down will help you get a lower interest rate.
“Putting 20% down isn’t always the best option.”
On the other hand, if you’re ready to buy your first home and don’t have a ton saved up, there are programs for you, too. The first-time homebuyer program is one that doesn’t require a down payment.
Putting 20% down isn’t always the best option, and it isn’t the only option. It’s important that you pick the down payment option that’s ideal for you and your situation.
In conclusion, there are lots of options for you when it comes to down payments. You don’t have to put 20% down. If you have any questions for us or need some help figuring out the best down payment option for you, don’t hesitate to give us a call or send us an email. We would love to hear from you.
