Lack of having the required down payment is the second most common reason potential buyers give as to why they don’t or can’t buy a house (just behind high home prices).
When times were good and money was cheap, the ability to fog a mirror was about all it took to get a home loan; lack of a down payment was rarely an issue and FHA-type loans were seldom used. But now most traditional lenders are demanding 5% or more down.
FHA however still guarantees loans with just 3% down. The difference between 5% down and 3% down may not sound like much, but it’s $6000 on a loan of $300,000. In fact, with the allowable FHA limit in Deschutes County now at $447,500, a buyer can get in to a house with a down payment of nearly $9000 less than a traditional lender would require.If not having enough for a down payment is one reason why you've been holding off from buying a house, call me to find out more about FHA and other low down payment options. You might be closer to making your dream of being a home owner come true than you think!
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