Which mortgage is right for you? Part VI 3 Home Buyer Down Payment Strategies for First Time Homebuyers By Sharon Bartlett
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y now you have a good idea of what mortgage is and how it works. If you are reading this I am glad that the idea is sinking and that you are learning. If your lender asks for over 5% downpayment, that’s sizeable enough to start stressing, I cannot emphasize enough that even in such situations, there’s help and we’ll cover the downpayment assistance programs in depth. Assuming that your lender asks for a 20% down and going by the current national median home price of $374,900
that would mean you’d have to raise almost $80,000. That’s a lot! Even a 5% down is still too much for many people. Fortunately, there are options to help you make the necessary downpayment you need. Today, we are looking at some strategies that you can apply to come up with a downpayment. LOW DOWNPAYMENT MORTGAGES FOR FIRST-TIME BUYERS We talked about mortgages before and if you are a first-time buyer there are several options available to you. Here’s a more elaborate list. MARCH 2022 | 21
