RENTERS: Down Payments are lower than you think
By Robert Rauf
(CMG Home Loans)
Educate yourself, you probably need less money than you thinkAre you renting a home? Would you like to own your own home? What is holding you back? According to a recent survey done by the National Association of Realtors:Only 11% of current renters know they can purchase a home with 5 % or Less as a down payment.A WHOPPING 89% got the answer wrong thinking you need more than a 5% down payment.Scarier yet: Almost 45% of renters believe you need to put at least 20% down to buy a home.Is this misconception keeping you from purchasing a home?You probably can get away with a lower down payment than you think, Here are the current minimum down payments available to qualified buyers for common programs: Conventional Loans as little as 3% down FHA Loans 3.5% down (FHA also reduced its mortg...