As we all know, most things about traditional home buying have gone out the window. This includes what we all know as a down payment. Traditionally, homebuyers took a 30-year-fixed loan and put 20 percent down and that just is not the case anymore.

Myth #5: A buyer must put down 20 percent to get a loan…

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This rule has become a myth over the years, it was originally true. Times have changed and with that, home values have increased and new loan products have been created. Today, instead of putting a full 20 percent down, the FHA loans allow as little as 3 percent down. These types of loans are somewhat more difficult to obtain but are available to borrowers with strong credit and income.

Of course, buyers should always double check that their rate and payment is manageable in the long run. If you ask your Realtor® they can refer you to a home loan expert to explore different loan options, such as Premier Mortgage Lending.

Premier Mortgage Lending is known as Nevada’s Local Low Price Leader in home loan financing offering no fees and low rates. As a private lender, Premier Mortgage Lending saves you thousands in closing costs and finds the loan program the best meets the buyer’s needs.

 

If you are looking for a new home or wanting to sell your current home, please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!