Are you wondering how much you need to save for your new home?
It may not be as much as you think.
The VA and the USDA both offer a zero down loan program for individuals and/or properties that meet their criteria. Sometimes, loans require little or no cash out of pocket. Some HUD properties are available with as little as $100 down
Some Fannie Mae Community and Home Path ® programs allow just 3% down. You may even be able to fund your down payment through gifts, grants, employers, government agencies, unsecured loans from family or even with loans against CDs or retirement accounts.
The FHA loan program allows as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores.
Fannie Mae / Freddie Mac conventional loans are available with down payments as low as 5%. The minimum changes based on property type, credit score, occupancy, etc.
ARE YOU SURPRISED at how low you may be able to go? While many believe a 20% Mae, Freddie Macdown payment is required, you can now see that it’s far from the only option.
Information provided by Ed Muchnick, Gateway Mortgage