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Buy With Less Than 20 Percent Down
Question: Can I buy without 20 percent down?
Answer: Yes. While so-called "conventional" loans do require 20 percent, other loan programs do not. As examples: *Qualified individuals can buy with nothing down under the VA loan program. *FHA loan programs require about 5 percent down, plus or minus. Smaller FHA loans are available with 3 percent down. The Affordable Gold and Community Home Buyers Program each require 5 percent down or less. State programs for first-time buyers routinely require 5 percent down or less, sometimes just 1 to 3 percent down. Remember that in addition to down payment money, you may also need funds for closing, reserves, moving and other costs.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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