Hey everyone. Kirk Brewer here, branch manager and loan geek at Finance of America Mortgage. Welcome to this week’s Loan Geek Mortgage Tip of the Week.
This week, I want to talk to you guys about down payments. There’s a myth out there in the marketplace that it takes 20% down to purchase a home.
Let me assure you nothing could be farther from the truth. The reality is there are standard programs out there that will let you purchase a home with as little as 3% to 3.5% down plus closing costs and prepaids.
Now if you do have more money to put down and you put down 20% or more, you can avoid having mortgage insurance, which is a great thing. But it’s not required by any stretch of the imagination.
So if you have any questions on this subject or any other mortgage-related subject, go check us out on our website at www.LoanGeeks.com. That’s L-O-A-N-G-E-E-K-S dot com where you will find plenty of information on this subject and many more mortgage-related subjects that will help you navigate the home loan process.
If you still have questions and want to talk to somebody directly, all of our contact information is on the website. Please feel free to reach out where you can get started on a home loan or a prequalification as well.
Stay tuned for more Loan Geek Tips of the Week. We are your full service, low-rate mortgage experts!