Thinking of buying a home and don't have 20% down? Did you know there are multiple loan programs out there where you can put as low as 3% down for a home? In today’s episode, I invited back Mina Yasuda from JMAC Lending to discuss...
✅ The differences between FHA and conventional low down payment home loans (Did you know you can get a conventional loan for as little as 3% down!?)
✅ Is it worth saving 💰 more to add an extra few percent to your downpayment? How different down payment options (3.5%, 5% 15% etc) impact your monthly mortgage payment.
Getting that downpayment 💰 saved up is often the biggest reason why many first-time home buyers hold off purchasing their first home, especially in Orange County were rent keeps increasing 📈 year after year. When you’re spending $2,000-$3,000 in rent every month, it’s hard to be putting away any significant amount of money towards that downpayment for a home. 😠
However, with interest rates at all time lows⬇️, it may make sense for many buyers to use a low down payment option to purchase a home. Right now your money has never gone further. Even compared to just 6 months ago, you can currently afford a higher priced home while keeping your mortgage payment the same🏡👍🏻.
If you are going to be dishing out a large chunk of your monthly paycheck 💸 to someone everything month, isn’t it better to be building equity in your own home than paying the mortgage of your landlord?
If nothing else, talking to a lender 🧑🏽💼👨🏻💼for 🆓 FREE to see what programs you currently qualify for and what type of home you can afford will give you a road map 🗺of what you need to do in the coming months to be in a better position to eventually purchase your first home 👏🏻👏🏻.
For more info on what type of loan might be best for you, please contact: