A typical down payment on a house in the United States used to be a straightforward 20 percent. However, due to the soaring home prices today, a 20% down payment has become unattainable for many, especially first-time home buyers. Lenders have adapted to this shift and now offer more flexibility, with some government programs even featuring no down payment options for eligible individuals. Instead of feeling discouraged, consider the evolving world of down payments and explore alternative solutions.
No Down Payment Mortgage | Buying a House with No Money Down
A no down payment mortgage is like the holy grail for first-time home buyers, and any home buyer for that matter. Everyone wants to find it, but finding one involves some luck, some preparation and some research. The requirements and eligibility are tightly regulated, but if you are willing to look at down payments that are almost zero, the options open up a bit more. Let’s look at both zero down payment mortgages and “almost zero” low down payment opportunities.
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Borderland 100 Club Receives $10,000 Grant From Homes for Heroes Foundation
Borderland 100 Club is dedicated to providing support to the law enforcement community and their families in El Paso County. The Homes for Heroes Foundation awarded the organization a $10,000 hero grant to assist in their mission to support our officers.
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First Time Home Buyer Down Payment | Here’s What You Need to Know
A first time home buyer down payment is one of the big hurdles for folks just starting out on the home buying journey. It can stop some people from even going any further because they feel like they could never save up enough to make a down payment. Many still think that they need a 20% down payment on a home to get approved for a mortgage, even though the median down payment is much lower than that. If you are a first-time homebuyer, you may have a lot of questions. Here are some answers.
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Conventional Loan Down Payment | Here’s What You Need to Know
The conventional loan down payment has undergone a very unconventional transformation in the last couple of decades. Home prices went nuts, interest rates spiked and the traditional 20 percent down payment – which was the default throughout the mortgage industry – has been downsized. Now the answer to “how much of a down payment do I need for a conventional loan?” is: it depends.
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VA Loan | In Depth Guide for Veterans, Active Duty and Reserves
This is everything we know about the VA loan, which is a process, a system, a benefit and a way to get a mortgage if you are a veteran or an active duty service member in a branch of the armed forces. The one thing that the VA loan is not , is a loan. That’s one of its confusing elements, and there are others. The reason veterans and active duty members are drawn to the VA loan is because it provides a list of benefits that, when you line them up, is almost unbelievable. No other program from the federal government comes close to the VA loan guarantee in terms of benefits, costs savings and scope. It’s easy to think it’s just a way to get a cheaper mortgage, but it’s a lot more than that, and here’s what you need to know.
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FHA Loan Down Payment | Here’s What You Need to Know
An FHA loan down payment can put homeownership in your reach, even if you don’t have a great credit score. As you know, coming up with a down payment is one of the most significant hurdles to overcome, especially if you are a first-time homebuyer. How does the FHA system work, who is eligible and how do you apply? Let’s take a look at all of it.
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Average Down Payment on a House in the U.S.
The average down payment on a house in the United States used to be a straight-up 20 percent. But that doesn’t really work for a lot of people anymore. With the price of homes today, a 20 percent down payment puts buying a home out of reach, especially for first-time home buyers. Lenders have become more flexible and there are even some programs that feature no down payments if you qualify. Before you throw up your hands and think you’ll never be able to afford to buy a home, let’s take a look at the changing landscape of down payments.
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Is it a Buyers or Sellers Market?
Whether it is a buyers or sellers market – now and in the near future – will be the topic of conversation for anyone buying a new home or selling their current home. The real estate market is an ever-changing landscape that can shift between favoring buyers or sellers at different times. Understanding whether it’s currently a buyers’ market or sellers’ market is crucial for both home buyers and sellers. Let’s dive into the definitions of buyers and sellers markets. Then we will look at some helpful tips for sellers in a buyers market and buyers in a sellers market. Finally let’s discuss important questions to ask your agent in each scenario.
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What is Residential Real Estate?
Residential real estate is an industry word that describes what most of us are doing – buying new homes and selling our previous homes. It’s the default. Most real estate agents deal with residential real estate, so it’s a term that describes 73% of the market (according to the National Association of Realtors). What are residential properties and what makes them different? What makes them special?