We hear it all the time...
Non-homeowners believe that purchasing a home is totally out of reach. Who could possibly save enough money to put 20% down on a home when you have students loans to pay off, mouths to feed, and places to travel?!
You are not alone in your thoughts! A recent survey found that 49% of non-homeowners reported that the major road block for them when purchasing a home is not having enough money for a down payment and closing costs.
BUT....Did you know?
You CAN buy a home with less than 20% down!
There are many low down payment mortgage options that are out there and may just be the perfect fit for YOU!
In fact, another recent survey found that among first-time home buyers who obtained a mortgage, approximately 80% had down payments of less than 20%!
Can we get an WOO-HOO!!
To help you understand what we are talking about, we reached out to one of our mortgage partners at Fairway Mortgage, Kelli Maggio, to see if she could shed some light on how obtainable owning a home can be!
What you see below is a breakdown of all of the costs that you would be looking at for 4 different types of loans at the sales price of $200,000.00. The types of loan options shown below are Conventional, FHA, Rural Development, and VA. One is for a home purchase in Bossier and the other is for a home purchase in Shreveport.
SO. MANY. OPTIONS!
It's very important to meet with a local lender so that you can find out which mortgage option works best for you. You will want to do this before you even start looking at any homes for sale so that you know your price point and what you are comfortable with spending.
Once you have that figured out, give us a call! Our experienced agents can get your home search started and you'll be a HOMEOWNER in no time at all!
Bossier City Office 318-747-5411
Shreveport Office 318-861-2461
Big Thanks to Kelli Maggio at Fairway Mortgage for sharing her knowledge with us!