Down Payments Don’t Have to Be an Obstacle for Homeownership
Update: 2017-06-01
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There are a lot of loan options out there with low down payment options. There are even some that don’t require a down payment at all. Here are some options you have for an affordable down payment as a homebuyer.
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What's the biggest obstacle to homeownership?
According to a recent survey, "saving enough for a down payment" comes at the top of the list. A whopping 55% of prospective homebuyers cited this as their main stumbling block.
And with the continuing growth of home prices, things aren't getting any easier. In fact, homeownership rates reached a 20-year low last November.
It wasn't always like this.
A decade ago, many lenders were offering easy, no-money-down mortgages.
However, after the financial crisis, mortgage standards have become more restrictive.
Here's the good news.
If you have decent credit and a steady income, you might be qualified for a number of specialized programs that require no or very little down payment. Here are a few of the top options.
First, there's the USDA loan, which is valid for homes in certain regions, such as rural and suburban areas.
With zero money down and lenient credit requirements, the USDA loan can be a great choice for many homeowners.
Second, there’s the VA loan, which you can apply for if you or your spouse served in a branch of the military<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pr
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