A lot of people will jump into buying a home not knowing anything except the mortgage myths they have been told their whole life. It is important to do your research before making one of the largest financial decisions of your life.
Traditionally speaking, a 20% down payment is often recommended in order to acquire the best terms on a mortgage. However, since housing prices have risen dramatically over the last decade, obtaining a 20% down payment has become increasingly difficult, especially for first time homebuyers. As a result, many low-down payment options have become available through traditional lending channels, such as the Fannie Mae HomeReady and Freddie Mac Home Possible programs. These programs allow for a down payment of as low as 3%, and contrary to popular beliefs, these loans with less than a 20% down can actually have better financial terms.
In addition to the loan down payment programs mentioned, there is also an opportunity to get down payment assistance loans through the State of Maryland and Montgomery County. The down payment assistance can potentially allow a buyer to produce little to no money out of pocket when purchasing their first home.
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