Buyers can often purchase a new home with little to no money down
Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 or 10 percent.” -Christina Boyle- Freddie Mac VP and Head of Single-Family Sales & Relationship Management The KCM Crew recently reported that according to a recent survey by Zelman & Associates, over 50% of people between the ages of 25 and 34 believe that in order to purchase a home they will need a minimum down payment of 20% of the total price. The thought of paying that much, upfront, out-of-pocket, is intimidating to some. Countless potential home buyers have avoided purchasing a home out of fear that the down payment would be more than they could afford. Don’t be so quick to give up on your dream of homeownership! You can own a home. It is within reach. Homeownership can be a reality for you. There’s a growing trend in the housing market in which buyers are paying down payments of 10% or less. Conventional mortgages combined with favorable credit history, grants, and loans, have helped numerous people further reduce down payments. FHA loans offer down payments as low as 3.5% of the purchase price, and qualified VA buyers may not need a down payment at all. There are several options available for buyers looking for a low down payment option when purchasing a new home. We have several new home communities throughout Virginia Beach and Chesapeake that would love to welcome you home, often for less than you may be paying in rent! Contact Dragas Mortgage Company today to start the process.