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Down Payment Options

Friday, February 7, 2020   /   by Andy Mandel

Down Payment Options


Today we’re going to discuss down payments. How much money do you have to put down to buy a home? There’s a huge myth that you have to put down 20% to get a mortgage on a house. That is completely incorrect; that’s the old-school way. 


You certainly can put 20% down, and there are many upsides to doing so, but it’s not required. There are two main pros of putting 20% down on a property. First, you’re financing a bit less, so your mortgage payment will be smaller. Also, you avoid PMI or private mortgage insurance. Commonly, on an average loan, it’s around $150 per month. 


However, 50% of homebuyers put down 10% or less when they buy their home. It’s much more affordable than you think to buy a house. There are even mortgage options with as little as 3% down for qualifying borrowers, and 0% down if you’re a VA buyer. There are many lower payment options to help you get into a home with less money. Each option is specific to your needs. 


Of course, you still have to qualify for the mortgage; they’ll check credit, bank statements, tax returns, and so on. The days of essentially “mortgages for everyone” are long gone. 


If you have questions or are considering buying a home and need to know how much you’ll need to put down, give us a call or send us an email. We’re also more than glad to put you in touch with an excellent mortgage lender. Let us know how we can help you. 

 
The Mandel Team at Re/Max
Andy Mandell
9615 Westview Drive
Coral Springs, FL 33076
954-610-0563

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