Do You Really Need 20% Down to Buy a House? | Down Payment Assistance Explained
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Do You Really Need 20% Down to Buy a House? | Down Payment Assistance Explained
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Do you really need 20% down to buy a house? The answer may surprise you.
On this episode of Get Real with Eddie, we break down the 20% down payment myth and explain how different mortgage programs can help buyers get into a home with much less money down.
Eddie and Nancy discuss conventional loans, FHA, VA and USDA financing, PMI and MIP, and why the most important question isn't necessarily “How much do I have saved?” but “Can I comfortably afford the monthly payment?”
We also take a closer look at down payment assistance programs, including grants, closing-cost assistance, rate buydowns and other programs that may be available to qualified buyers. We talk about income limits, credit requirements, homebuyer education, repayment requirements, funding limits and why you need to understand the terms before accepting assistance.
We also share a real-life example of a program that helped eliminate a buyer's student loan debt when purchasing a home.
If you're thinking about buying a home but don't think you have enough money saved, this episode is for you.
Have questions about buying a home, selling, investing or finding out what programs may be available to you? Talk with a qualified REALTOR® and mortgage professional about your individual situation.
Get Real with Eddie is your source for real estate conversations, local market information and practical advice to help you make smarter real estate decisions.
Visit GetRealWithEddie.com for more.
This episode is for informational purposes only and is not legal, financial, tax or real estate advice. Every situation is unique. Please consult the appropriate licensed professionals regarding your individual circumstances.
#RealEstate #DownPaymentAssistance #FirstTimeHomeBuyer #HomeBuying #Mortgage #HomeBuyerTips #IllinoisRealEstate #JolietIL #BourbonnaisIL #GetRealWithEddie
0:00 Do You Really Need 20% Down? 4:16 Can You Actually Afford the Payment? 7:08 Don't Buy at the Top of Your Budget 11:36 What Is Down Payment Assistance? 15:17 Illinois Down Payment Assistance Programs 17:48 Program Requirements and Funding 22:39 The Bottom Line for Buyers