Great information regarding programs offering reduced down payment amounts. Especially helpful for first-time home buyers!
Think you can’t afford to buy a house? There are a number of programs that can help make the dream of buying a home a reality.
- You don’t need to put 20% down. Fannie Mae and Freddie Mac have down payment requirements as low as 3%. If you’re a vet or active military, a VA loan requires no down payment.
- Your family can help with your down payment. Fannie Mae’s HomeReady Mortgage allows a down payment of just 3%, and income from grandparents, parents, relatives, and working children can be used to help qualify for the loan.
- You don’t need perfect credit. To qualify for an FHA loan, your credit score needs to be just 500 or higher. FHA loans allow a down payment as low as 3.5%, and that payment can come entirely from “gift funds.”
- BIG PLUS: There are a number of down payment assistance programs in…
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