What if I don’t have enough for a 20% down payment?


What if I don’t have enough for a 20% down payment?
By Scott Rogers • March 2, 2011
Good news -- it won't be a problem if you don't have a 20% down payment. Some people think that you need a 20% down payment these days, since financing guidelines have become so much more restrictive over the past year or two. That's simply not the case. The FHA loan program is an excellent example of a low down payment loan option that many buyers are using these days. You can purchase a home with as little as 3.5% of the purchase price as a down payment. Furthermore, your closing costs and/or your down payment can be a gift. The VA loan program (available to qualified veterans, reservists, and active-duty service members) requires no down payment and your closing costs can be a gift. For more information about FHA loans or VA loans, read more on the Government Loans section of Wells Fargo's web site. Again -- remember -- you don't need a 20% down payment to buy a house these days. If you'd like to talk more about your buying situation, feel free to contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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