Not everyone has the cash for a 20% down payment. A young married couple might not have $40,000 or more for a down payment to purchase a home, but they would rather purchase than rent.
Fortunately, there are mortgages with a lower down payment.
The St. Louis Post-Dispatch published an article, outlining mortgage options for people who don’t want to use their resources for a large down payment.
Read the St. Louis Post-Dispatch article: Getting a mortgage without a big down payment.
If you have a young family, chances are that you won’t have a 20 percent down payment to put on a house. Without that big pile of money, nonveterans will be going to the Federal Housing Administration for their mortgage, or paying private mortgage insurance on a conventional loan.
Neither is very appealing — the fees are big. FHA fee hikes have made the situation worse.
So let’s look at mortgage options for borrowers without big bank accounts. We’ll also mention some government programs that may help.
Would you like to review your mortgage options?
We love to help people. If you are thinking about purchasing a home and would like to review your mortgage options, we would like to help you.
Contact us when you get a chance. We would appreciate the opportunity to help you achieve your goals.