Can I Buy A Home Without 20% Down? | #AskTonyB 104
Heritage Home Loans
Heritage Home Loans Spokane, WA
Published on January 28, 2019

Can I Buy A Home Without 20% Down? | #AskTonyB 104

Welcome to the #AskTonyB Show – Your Mortgage Questions Answered!

Each week we will be talking all things home buying and lending. On this episode of the #AskTonyB Show we answer the question…“Can I Buy A Home Without 20% Down?”

Can I Buy A Home Without 20% Down?

Let’s start with why people think they need to put 20% down on a home. For the most part the people you look up to…parents, aunts, uncles and mentors all put 20% down on their home. Back then they probably did not have a huge student loan debt and it was easier for them to save. They also did not have access to the programs that exist today allowing them to get into a home with less than 20% down.

Now we have programs like FHA with 3.5% down, Conventional with 3% down, HomeReady with less mortgage insurance, VA with ZERO% down, and Down Payment Assistance.

BUT…what if you do have 20% to put down?

If you put 20% down you would not have to pay mortgage insurance. This is also possible with other programs, but you would have to buy it out.

So, make sure to think about these things as you’re trying to get into a home. Remember…the goal is to get into a starter home and start building wealth and turning that over into the next one until you can get your ultimate dream home.

If you’re thinking about buying a home…but not sure what programs would be best please reach out. I’d love to answer your questions or help you get pre-approved.

See you next week on the #AskTonyB Show!