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Worried about having a 20% down payment for your mortgage? Don't be!

Wednesday, January 17, 2018   /   by Vanessa Saunders

Worried about having a 20% down payment for your mortgage? Don't be!

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Our blog yesterday about  zero down payment home mortgages for veterans and active-duty military members prompted quite a bit of discussion from the civilian community. Most of what we heard could be summed up as, "But what about ME?" Although it's true that some lenders can demand up to 20% down for certain kinds of mortgages for certain kinds of buyers, there are still plenty of low-down-payment options for most home buyers.

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time home buyers purchased their homes with down payments below 6% from October 2016 through November 2017.

Many potential home buyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. But the median down payment for all buyers in 2017 was just 10% and that median drops to 6% for first-time buyers.It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

If you would like to find out your home loan options, we recommend you contact Barry Goldenberg, Senior Mortgage Loan Originator for Luxury Mortgage. He will personally assess your situation and qualifications and explain your options. Contact Barry at BGoldenberg@luxurymortgage.com, or call him directly at 596-393-4470.

For more information or questions about this article, contact Vanessa Saunders, CEO and Principle Broker, Global Property Systems Real Estate. vanessa@gpshousehunt.com

 

  hudson valley real estate, hudson valley property, buying a home, mortgage process, mortgage rates

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

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The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.