Mortgage/Purchase/First Time Homebuyer

Mortgage/​Purchase/​First Time Homebuyer

First Time Homebuyer

If you Can Afford to Rent… you Can Probably Afford to Own

For the 1st Time Homebuyer, the down payment on a home can often be the most challenging obstacle. Peoples offers a variety of government, state & county bond loans that are designed to offer the new homebuyer anywhere from 3-4% in down payment assistance that could be in the form of a grant or a low interest rate loan. Peoples prides itself in educating and assisting the 1st Time Homebuyer and has a seasoned staff that understands the eligibility requirements.

Down Payments: How Much is enough?

If you’re saving up to buy your first home or wondering if you have enough equity to trade out for another, you may be relieved to know that for most buyers, low down payment options are still available.

ZERO DOWN

The Veterans Administration and the US Department of Agriculture (USDA) both offer zero down loan programs for individuals and/or properties that meet their criteria. Sometimes, loans require little or no cash out of pocket. Some HUD (Housing and Urban Development) properties are available with as little as $100 down.

3.5%

The Federal Housing Administration (or FHA) loan program can allow as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores and other factors.

5%

Fannie Mae / Freddie Mac conventional loans are available with down payments as low as 5%. The minimum on these programs can change dependent on factors such as property type, credit score, occupancy, etc.

Are you surprised at how low you may be able to go? While many believe a 20% down payment is required or simply the most prudent, you can see now that it’s far from the only option. Whether you’re saved a little or a lot, reach out today, and we’ll work on finding the perfect formula that’s just right for you.