You need 20% down
You’ve probably heard by now that you can’t buy a home without a down payment of 20% or even more. However, it’s not true, as there are many loans out there that will let you buy a home with less than 20% down.” as Stacy Johnson, the Money Talks News founder, explained.
For example, FHA loans only require a 3.5% down, while VA loans might not need a down payment at all. Also, lots of banks and mortgage lenders have conventional mortgages for less than 20% down.
So paying less than that amount might get you home sooner. However, keep in mind that even if you CAN get a home for less than 20% down, it doesn’t mean that you should.
1 thought on “8 Myths About Homebuying That Will Cost You a Fortune”
I want out of my mortgage. The fixed APR is fine, I am getting tired of being nickeled and dimed to death by my mortgage company. Seems like every time I turn around they are tacking on some kind of new fee.