Over the past few years, many potential home-buyers have been skittish about purchasing a new home due to the fact that it requires the buyer to put 20% down in order to purchase a new home. This MYTH has been around for years, yet it’s completely false.
In today’s world of purchasing a new home, you have the ability to purchase a home with little to no money down. But in this case the monthly mortgage payments you make would be slightly higher if you’re not placing a larger down payment.
It all depends on the type of lender you use, they may have multiple loan programs available for a first-time home buyer. Buyers would simply take time with their lender to research the best loan program for there situation. You may also be eligible to receive Down Payment Assistance to help with the purchase of your home..
Here in Arizona, there are a couple down payment assistance programs that can help home buyers with up to 5% of the loan amount for down payment and closing cost charges?
The overall challenge is that people still believe they need 20% down and still aren’t aware that these types of programs exist for them..