October 15, 2018 | Alex Kursman
​​​​Most potential homeowners believe that in order to purchase a home they’ll need to come up with at least 20% for the down payment. And with the median price of homes in the US at $240,900, that’s a whopping $48,000. For many, coming up with that kind of cash just isn’t possible.

But while you traditionally needed a substantial down payment in order to secure a loan, today there are plenty of ways to become a homeowner—even if you haven’t saved a penny for a down payment.

In a recent video, the team at Realtor.com break down a few options available for potential buyers looking to buy a home without a substantial down payment. One option is a mortgage from the US Department of Agriculture’s Rural Developmentoffice, which provides 0% down payment mortgages to buyers in towns with populations of 10,000 or less (which covers 97% of the US!). Other options include mortgages from credit unions, VA loans, and down payment assistance programs . In addition to the options outlined in the video, nontraditional lending options like FHA loans are also a great way to purchase a home without breaking the bank with a down payment.


The Takeaway

If you’ve been holding back on purchasing a home because you haven’t been able to save a substantial down payment, you have options. Talk to your real estate agent and figure out which no (or low) down payment loan option is right for you.

Bestrealestateblog.com
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