Word Isn’t Getting Out About Low Down Payment Loan Possibilities!

Word Isn’t Getting Out About Low Down Payment Loan Possibilities!

When Nolo published the latest edition of its Essential Guide to Buying Your First Home in 2017,  one theme stood out among our participating experts: the satisfaction that came from helping would-be buyers who didn’t think they could afford a house purchase, by guiding them toward loan options that don’t require the traditional 20% down.

For instance, Sydney Andrews of Loanenvy.com said it’s, “a good feeling when a first-time homebuyer comes in, nervous, thinking they might not really be able to afford a home, and we can put them through the process and make their dream come true.”

And Lisa Shaffer of RPM Mortgage said, “. . . clients of ours have had a good income but not much saved up for a down payment, and we’ve been able to find them first-time buyer programs (either through the government or through niche programs offered by banks) to help them buy a home sooner than they’d thought possible.”

So there is hope. Yet a recent survey by the National Association of Realtors (NAR) found that 87% of non-homeowners think they’ll need to put at least 10% down in order to qualify for a home loan, and most were unaware of first-time buyer programs that allow putting down 5% or even less.

Why isn’t word getting out? Hard to say, but if you’re thinking about buying a home, sitting down with a mortgage broker to run the numbers and discuss your options is a promising first step.

Comments are closed.