Buyers often overestimate the down payment funds needed to qualify for a home loan. The Realtors® Confidence Index from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today's housing market.
While many believe that they need at least 20% down to buy their dream homes, they do not realize that there are programs available which allow them to put down as little as 3%.
According to this report:
72% of first-time homebuyers put down less than 20% to purchase their home last month and 61% of first-time homebuyers purchased their homes with down payments below 6%.
Many renters may actually be able to enter the housing market sooner than they had ever imagined with programs that have emerged allowing less cash out of pocket.
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.
Reach out to your local AmeriFirst Financial, Inc. loan experts or apply for a preapproval to see if you qualify for one of our little to no money down programs and get into your dream home.