You better save up your money! You need 20 percent down! Lenders are only making loans to those with perfect credit and 20 percent down! Does that ring a bell? Have you heard of such talk and kept on the sidelines? Let's dispel a big myth that still seems to make the airwaves.
You need 20 percent down or you won't get approved.
Not true at all. Lenders offer conventional mortgages with down payments as low as five percent, still lower for certain first time homebuyers or other incentives. The mantra seems to be that if you don't put down 20 percent you'll need perfect credit. That's not the case at all. In fact, mortgage lenders approve loan with as little as 10 percent down even with a credit score as low as 640.
But conventional loans aren't the only horse in the rodeo. Government-insured mortgage fare is also available from most any mortgage company that don't' require 20 percent down and perfect credit.
If you're a qualified veteran or active duty member of the armed forces then the VA mortgage is your best choice. This is hands-down the best mortgage choice for those who qualify... and with zero money down. FHA loans are also a competitive alternative for those with as little as 3.5 percent down and credit scores as low as 620. The United States Department of Agriculture, or ฝากขายทาวน์เฮ้าส์ USDA, also has their own version of little to no money down mortgages with competitive interest rates for select parts of the country.
Lenders do make loans to people with less than 20 percent down... they do it every single day. If you've heard otherwise, pay not attention to the airwaves or articles you read on the internet. If you want to buy then pick up the phone and start the process of getting approved. If you thought you needed a lot of money to buy your home then think again; there are lots of options available for you today.
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