Are you getting ready to purchase your first home? Have you saved up the necessary 20% down payment, plus the closing costs?
If you haven’t saved up that 20% down payment money yet, I have some good news for you.
You don’t need a 20% down payment.
Actually there are many more mortgages written in this country right now that are using considerably less than 20% down. Of course if you put down less than 20%, you will probably need to pay some kind of mortgage insurance. But don’t let that stop you from taking advantage of these low interest rates and getting into your own home. This is way to get into your dream home now without waiting to save up all that extra money.
So speak with your mortgage professional and find out exactly how little of a down payment you can get by with. And don’t wait too long, as interest rates may rise.