Are you thinking of buying a home, but don’t have 20% of the purchase price for a downpaynent?
With the national average listing price for a four-bedroom, two-bathroom home at $302,632, according to Coldwell Banker Real Estate, home buyers need to come up with $60,526 to put 20% down.
A recent article from Money.CNN.com has some helpful ideas for hopeful homebuyers:
1. Apply for an FHA loan. These require as little as 3.5% down.
2. See what your options are through the government.
“The Department of Veteran’s Affairs guarantees VA home loans with 0% down to former and current service members…
“The Department of Agriculture has a home loan program to increase homeownership in more rural and less-populated areas…
“Many cities and municipalities offer down payment assistance programs to help potential buyers…”
3. Ask family members for a loan.
4. Get the money as a gift
5. Use retirement funds
Read CNN’s full post on this here: “How to buy a home without a 20% down payment“.