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Money Monday: Buying a home without a 20% down payment 

Are you thinking of buying a home, but don’t have 20% of the purchase price for a downpaynent?

That doesn’t necessarily mean that you’re out of luck. 
  

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“.