January 12th, 2019 8:51 AM by Jackie A. Graves
Many homebuyers have a hard time juggling
everyday expenses while saving for a down payment or closing costs. Rent,
utilities, car payments, student loans, and credit cards, not to mention
groceries, can sometimes drain your bank account as quickly as money is
Considering all of that, it's no surprise that saving for
a home is one of the biggest hurdles to actually buying a home.
But that doesn't have to be your experience. Today's buyers have mortgage
options that require down payments well below 20% of the home's purchase price.
In many cases you can buy a home with just 3% down.
There are also buyer assistance
programs that may help cover your down payment and possibly
closing costs. Funding from those programs often can be combined with financial
gifts from your family and friends to reduce your out-of-pocket costs to buy a
Does It Work?
homebuyers who can't afford a large down payment but would otherwise qualify
for a home loan may be eligible for a 3% down payment mortgage. If you're good
at managing your credit and meet certain requirements, this could be the option
mortgage lender can provide the specifics, assess your financial situation, and
determine eligibility. But before you contact a lender, consider these initial
you're having a tough time saving a down payment, research buyer
assistance options to determine if any could help. Also contact
a lender to see if this 3% down option can get you into a home sooner.
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