When It's Important...Find the Facts

Dated: 02/11/2019

Views: 13

When It's Important...Find the Facts

Most parents don't put a lot of credence in the statements "Everyone is doing it" and "No one does that anymore."  They'll dig a little deeper and get the facts of the situation.  Interestingly, when it comes to buying a home, similar common myths continue to prevail surrounding what it takes to buy a home.

One of the most common myths is that it takes 20% down payment to get into a home.  Certainly, an 80% mortgage might have the most favorable interest rate. It won't require mortgage insurance and qualifying requirements might be a little less but there are alternatives.

"88% of all buyers financed their homes last year and consistent with previous years, younger buyers were more likely to finance their home purchase.  In 2018, the median down payment was 13% for all buyers, 7% for first-time buyers and 16% for repeat buyers." Stated by the 2018 NAR Profile of Buyers and Sellers.

  • Qualified Veterans are eligible for zero down payment, 100% mortgage loans without mortgage insurance.
  • Conventional loans are available with as little as 3-5% down payments.
  • FHA mortgages have a 3.5% down payment.
  • USDA mortgages for rural housing have two major products: one does not require a down payment and the other has a 3% down payment.  Maps, based on population numbers, are available to determine if the area you're interested in purchasing in is eligible for a USDA mortgage.

We've come to believe that facts can be instantly verified by searching on the Internet.  Unfortunately, there are a lot of things on the Internet that are questionable and certainly, that includes some information on mortgages.  Specifically, some loans are not available in certain areas and to a particular persons based on their income and credit history.

The best approach, when it comes to buying a home, is to get the facts from a knowledgeable and trusted loan professional before you begin the home search process.  Contact me at (970) 250-0083 for a recommendation.

 A website may not provide relevant information for your individual situation.  Purchasing a home is a large investment and taking the time to find out the facts is worth the effort.

Blog author image

Amanda Hill

I am a Colorado native, born and raised in Grand Junction. I love being surrounded by family, friends, and the wonders of the Grand Valley! I am energetic, persistent, and passionate about real estate....

Latest Blog Posts

Get Rid of Things You Don't Need

Get Rid of Things You Don't NeedPeriodically, you need to rid yourself of things that are taking up you time and space to make room for more of what you like and want.There's a frequently quoted

Read More

Qualified Charitable Contribution

Qualified Charitable ContributionIf you're at an age where you need to be taking Required Minimum Distributions (age 70.5) from your IRA, a qualified charitable contribution and some planning may

Read More

Auto Pay Your Mortgage Payment

4/3/2019In the time that it takes to write one check, you can set it up with your bank and never have to do it again.  You won't have to write checks, envelopes or buy stamps anymore.;&

Read More

To-Do List for Better Homeowners

Checklists work because they contain the important things that need to be done.  They provide a reminder about things we know and realize but may have slipped our minds as well as inform us

Read More