Saving some cash to put down for a new home to buy can be challenging. A 20% downpayment is pretty big for many, particularly for those who are just starting to earn an income. But most experts recommend that amount for several reasons. For one, it avoids private mortgage insurance payment; for another, it helps to get a lower interest on home loans, Chandler, AZ.
If you feel like it may not be possible to save up that much, you are not alone. According to Realtor.com’s Dec 2018 data, the typical millennial homebuyers put down an average of 8.8% of their home’s purchase value.
If you still find 8.8% difficult, no worries – all is not lost. There are a few alternatives to a conventional mortgage in which you can buy a house without having to pay for a downpayment.
Here are your options for home loans, Chandler, AZ:
Although the above-mentioned loans require little to zero down payment, there are still advantages when you put down some amount above the required. For instance, when you have some amount to put down for VA loan, the VA Funding Fee shrinks.
Talk to a HomePlus professional mortgage broker today if you want to know more about home loans, Chandler, AZ.
Call us at (800) 810-PLUS (7587)