Myth Busters Down Payments

Myth Busters Down Payments

There are a lot of myths out there that are easy for you to get caught up on when looking for a new home or selling your house to buy another. This Myth-Busters Blog is to highlight the best route possible one myth at a time.

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You MUST have a down payment of 20%


Sure, a 20% down payment is great if you want to avoid having to pay for Private Mortgage Insurance (PMI), but many lenders have options that would help you with your downpayment. In other cases, you could also find lenders with loans requiring a smaller downpayment as long as you’re willing to pay for the monthly PMI yourself. Some Government backed loans such as those offered by the Federal Housing Administration have a 3.5% down payment requirement. 


Bottom line, shop around and make sure you find the right lender to help you navigate this process. if you have any questions, feel free to contact me and I can be sure to point you in the right direction with a few recommendations.


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Author:
Phone: 214-676-4270
Dated: December 6th 2016
Views: 373
About Rogers: Rogers Healy, a native Texan, has lived in Dallas for the majority of his life. Before moving to Dal...

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Rogers Healy and Associates
3001 Knox Street #210
Dallas, TX
214-238-8589