How Much Downpayment Do I Need in Lancaster , PA ?

Reblogger Erika Rae Albert, Austin Real Estate Expert
Real Estate Agent with E*Rae Realty 651873
https://activerain.com/droplet/59qW

As Mike points out, you don't need twenty percent down to buy a home in Lancaster, PA.  You also don't need to put twenty percent down to buy home in Austin, Texas.  As Mike discusses in his blog post, 61% of first-time buyers put down less than 6% on their home purchase between October 2016 and November of 2017.  

 

The misconception that you need to put twenty percent down to buy a home causes many renters to never even consider home ownership.  There are so many options out there for buying a home with less than twenty percent down.  In rural areas you can utilize a USDA home loan, and obtain financing with zero percent down.  Veterans or active duty military can get zero down home loans as well.

 

If you're not a veteran and you don't want to buy in a rural area, you still have many options for purcahsing a home with less than twenty percent down.  FHA loans can be otained with 3.5% down, and there are conventional loans that only require three percent down.

 

In the Austin market, I am also seeing many lenders offering incentives to deliver no or minimal down payment home loans.  Thank's again Mike for sharing this wonderful post, if you're interested in buying a home in Austin, give me a call today.  I can connect you with great lenders, and help you find the best home for your budget. 

Original content by Michael J. Perry

 

 

61% of First-Time Buyers Put Down Less than 6%

61% of First-Time Buyers Put Down Less than 6% | MyKCM

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers.

Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong,

“Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.”

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

Bottom Line

If you are one of the many first-time buyers who is not sure if you would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

 

 Your first step is obtaining Mortgage Pre-Approval ! Email mikeperrykw@gmail.com to get started .

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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amount down needed austin home
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Rainmaker
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Roy Kelley
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Thank you very much for sharing this reblog. Have an outstanding week.

 

Jan 23, 2018 04:51 AM #1
Rainmaker
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Roy Kelley
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Be sure to follow an additional five members each day to earn points and to build your network.

Jan 23, 2018 04:52 AM #2
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