Do you Need 20% Down to Buy a Home?
Tristan and his WHITEBOARD – LIVE!
Hi everybody, this is Tristan Emond with Mindful Living Realty.
Welcome back to Tristan and his WHITEBOARD – LIVE.
Here again with Angelia Dale with Gateway Mortgage.
Today we’re going to talk about something that’s kind of prevalent in the mortgage industry, especially.
It’s the thought form that you have to have 20 percent down to buy a home. And hey – who has that kind of money anymore? I mean, if you do, you know, you can bring my way…
Anyway, so this question is: “Do you really need 20 percent down to buy a home in today’s market?”
You don’t! So, there are…we have our conventional loans which you can do 5% down.
You can do the government loans which require zero to three and a half percent down.
There’s a lot of different options. Which, you really want to talk to the loan officers. “Okay what program best fits?”
If you don’t have the assets, we have South Dakota Housing for first-time homebuyers which can help with a down payment.
Or if you have 20% down, you won’t have mortgage insurance on a conventional loan.
There’s a whole bunch of variety of options.
But you DO NOT have to have 20% down to buy a house.
All right! So basic storyline here is, don’t be afraid to contact your mortgage broker and say “Hey this is what I’ve heard. What can I do? what can I afford?” And go from there.
Yeah! There are many options.
Sounds good, thank you! Talk to your mortgage broker and we’ll see you next time on Tristan and his WHITEBOARD!
Angelia Dale legal info:
Angelia Dale, Loan Originator, NMLS #175544
Gateway Mortgage Group
Rapid City, SD
Gateway Mortgage Group is a registered service mark of Gateway Mortgage Group, LLC NMLS 7233. All loans subject to program guidelines and final underwriting approval. Contact local branch for details. 1301 W Omaha St #118, Rapid City, SD 57701. South Dakota Mortgage Lender License #ML.05071.