What is the deciding factor for you to choose between the two? Is it the fact that you don’t think you have the down payment? Do you have questions about financing programs? Are you a previous homeowner that had a foreclosure or short sale after the market downturn several years ago? Or are you hearing too much chatter about the market conditions and would like some clarity to help you make an informed decision? Let’s explore these questions and provide you with detailed information.
Let me give you a statistic that was alarming when Steve Harney, CEO of keeping current matters, provided it. 40% of Americans think that a down payment of 20% is required to purchase a home. Forty percent, almost half of the population, thinks you need twenty percent, $20,000 for every $100,000 financed! That is a huge number for most of us, which thankfully is not true….that’s right I said not true. A majority of mortgage programs require 3.5% to 5% down. Now that doesn’t seem so overwhelming does it? It is certainly more affordable for the average American family, making the dream of homeownership turn from a dream to a reality.
In regards to financing programs, be assured there are many choices that fit a variety of situations. Are you a veteran and want to take advantage of your VA Loan benefit, with very little money down and no closing costs? Or perhaps you have had some credit challenges in the past and need a program that is a bit more lenient and forgiving. Whether you have a 600 or 800 credit score, 3% or 30% down, there are many programs available so don’t be hesitant to explore your options.
For more information about this and to talk about your options with communities and neighborhoods give me a call at 623-209-4874 or CLICK HERE to search for homes!
Partner Agent at Desert Home Premier Realty