The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still confused about what is required to qualify for a home mortgage loan in today’s housing market.
According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In reality, there are many loans written with a down payment of 3.5% or less.
Many renters may actually be able to enter the housing market sooner than they imagined with new programs that have emerged allowing less cash out of pocket, such as an FHA loan with as little as 3.5 percent down.
And, if you’re planning to buy a primary residence in Green Valley or Sahuarita, you may qualify for a USDA loan, which offers great interest rates and $0 down payment options. This is a great option for anyone on a fixed income or first-time buyers who want to limit their out-of-pocket expense. For veterans, be sure to investigate a $0 down payment VA backed loan.
