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…

โœ… 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!?)

โœ… Is it worth saving ๐Ÿ’ฐ 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 ๐Ÿ’ฐ 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 ๐Ÿ“ˆ 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. ๐Ÿ˜ 

However, with interest rates at all time lowsโฌ‡๏ธ, 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 same๐Ÿก๐Ÿ‘๐Ÿป.

If you are going to be dishing out a large chunk of your monthly paycheck ๐Ÿ’ธ 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 ๐Ÿง‘๐Ÿฝ‍๐Ÿ’ผ๐Ÿ‘จ๐Ÿป‍๐Ÿ’ผfor ๐Ÿ†“ FREE to see what programs you currently qualify for and what type of home you can afford will give you a road map ๐Ÿ—บof what you need to do in the coming months to be in a better position to eventually purchase your first home ๐Ÿ‘๐Ÿป๐Ÿ‘๐Ÿป.

For more info on what type of loan might be best for you, please contact:

Mina Yasuda

310.987.2393

mina.Yasuda@JMAChomeloans.com

You can also get more helpful tips and mortgage info from her YouTube channel:https://www.youtube.com/channel/UCsNy34IQGF9pnT5fUmN2LBw

If you want more info about buying and selling a home contact me anytime:

JoshAlexanderRealEstate@gmail.com

714.366.2186

DRE#:01974435

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Always on the go? Check out the Orange County Housing Market News podcast:

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This content is not the product of the National Association of REALTORSยฎ, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.