It’s frustrating to have a decent-paying job, a bright earnings future and acceptable credit and still not be able to buy a home because you lack the thousands of dollars in cash needed for a down payment and closing costs.
The dreaded down payment stops more potential homeowners cold than any other aspect of the loan process. To read articles about down payment headaches one would think it’s only millennials who have trouble coming up with the funds. In reality, most would-be first-time homebuyers, regardless of age, find saving up 20 percent of hundreds of thousands of dollars challenging.
Sure, you may qualify for a loan with a lower down payment, but do you really want to add to your monthly house payment by purchasing the mandated private mortgage insurance policy?
Today, we’ll explore ways you can get help with the down payment on your new home.