Often home buyers believe that the minimum down payment is often as much as 20%. Some potential home buyers even put off home ownership because they believe that without a 20% down payment, they cannot get a home. However, this is not true.
Googain offers options for home buyers with down payments as loan as 3% of the sales prices. These options will offer very competitive rates and will often have lower overall payments than the rent for properties of comparable size and amenities. Simply put, why rent when for the same amount of monthly payment home ownership is possible?
The 3% down programs do vary in their requirements. Some require the home buyer to be a first time home purchaser, others do not. One of the more interesting programs is the Fannie Mae HomeReady program which Googain offers. It is not required that the borrower is a first-time buyer. The main requirement is that the purchaser’s income does not exceed 100% of the adjusted median income for the area where the property is located. If the subject property is located in a low-income census tract, there are no income limits for the home purchaser.
Why delay purchasing a home? Property values continue to rise. Don’t let the “dream” of home ownership remain a dream. Make it your reality. Contact a Googain Loan Officer today for more information on low down payment programs.