Hello  {first_name} ,
 
Are you ready to buy your first home but don’t know if you have enough money saved for the down payment?
 
I’m here to help! I can answer your questions and help you understand your options. Loan programs vary dramatically and so do their down payment requirements.
 
Here are some quick details I’ve put together for you to give you some addition information about your options:
 
Conventional Loans
Conventional loans are those which conform to the qualifying guidelines of Freddie Mac and Fannie Mae. These loans are for borrowers who meet the standards for credit and income. Down payments range from 5-20% down, although certainly you can put more down if you like.
 
VA and FHA Loans
VA and FHA loan are specialized loan programs for those who meet certain requirements.
  • The VA loan is for veterans and active military service members which allows them to buy a home for as little as 0% down. With restrictions on the amount of fees a lender can charge and how much interest the loan can carry, these loans make it easier for our service members to enter the housing market.
  • The FHA loan program is for first time home buyers, those who have not owned a home for more than 3 years. The down payment for a FHA loan can be as low as 3.5% and the down payment can even be a gift.
Down Payment Assistance
Down payment assistance can come from a variety of different sources. The most common are what’s known as “silent seconds.” A silent second is actually a second loan on the property which makes up the down payment. An entity loans the home buyer the amount for the down payment and the borrower does not make any payments and owes nothing until/unless the home is sold or refinanced. Typically these kinds of down payment assistance programs come from state or local governments, although certain non-profit organizations also offer them, as do specific industry sectors such as education, first responders and medical facilities.
 
As you can see, the amount or necessity of a down payment can vary based on the loan program that best suits your needs. Let’s talk about your situation and see what we can find for you!
 
 
Your real estate information expert,
 
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PS – Are you having a hard time saving for a down payment? Check out my email in the next few days. I’ll be sharing some valuable tips on how you can save for a down payment.

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