Скачать или смотреть Don't Fall for These 3 Down Payment Myths

Saving up for a down payment is one of the most intimidating parts of buying a home—and your friends and family members have probably given you at least one piece of well-meaning, but ill-informed advice. Here’s how to separate fact from fiction.

0:24 - Myth No. 1: You need 20% down
For instance, a Federal Housing Administration (FHA) loan only requires 3.5% down. If either you or your spouse served in the military, you’re likely to be eligible for a Veterans Affairs (VA) loan, which can be approved for 0% down. The same goes for United States Department of Agriculture (USDA) loans. And if you’re a qualified buyer, you can get approved for a conventional loan with less than 20% down, but there’s a catch: You’ll be on the hook for private mortgage insurance, or PMI. PMI is paid directly to your lender, not toward your principal. Think of it essentially as insurance you pay to prove to the lender you won’t default on your loan.

0:52 - Myth #2: Cash is king
If you’re shopping in a competitive market, you’ve likely heard horror stories about first-time buyers getting snubbed over investors or all-cash buyers. If you’re working with a loan and a small amount down, it might seem like your chances of getting picked over the other guys are slim to none. There is some truth to this belief. Cash offers offer one big benefit to a seller: They’re guaranteed to close on time with no loan approval hiccups. Often, if you make the bigger offer, or you write a killer personal letter that resonates with the seller, you stand a better chance of getting approved over an all-cash offer.

1:24 - Myth No. 3: Down payment assistance is easy!
We hate to burst your bubble—or discourage you from trying to get down payment assistance if you qualify—but finding, applying, and getting approved for help isn’t always easy. First, there are no national, or even many state-run, assistance programs. Some programs may make special exceptions—say, for single parents—but in general, income is going to be a big factor. Still, if you think you might qualify, call your local housing authority office—it can usually point you in the right direction.

More House Rules - Advice From Real Estate Pros:    • House Rules: Advice From Real Estate Pros  

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Learn More about the home buying process: "Home Buying 101: How Do I Get Started?"
   • How to Buy a Home: How Do I Get Started bu...  
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