firsttime homebuyers: 20% Down
- 08/29/11 10:45 AM
I can't believe the number of articles I'm reading that are giving misinformation to potential home buyers. I read an article this morning on Yahoo Finance that said home buyers need to come up with at least 20% down. This is FALSE! Today, a home buyer can get an FHA loan with only 3.5% down or a conventional loan with only 5% down, provided that credit and income ratios are good. It might be wise to put more money down, but lenders are not "requiring" it. In addition, sellers are usually willing to pay the buyer's closing costs. Find Homes in … (0 comments)
I can't believe the number of articles I'm reading that are giving misinformation to potential home buyers. I read an article this morning on Yahoo Finance that said home buyers need to come up with at least 20% down. This is FALSE! Today, a home buyer can get an FHA loan with only 3.5% down or a conventional loan with only 5% down, provided that credit and income ratios are good. It might be wise to put more money down, but lenders are not "requiring" it. In addition, sellers are usually willing to pay the buyer's closing costs. Find Homes in … (0 comments)
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