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Equal Housing Lender

All loans are subject to credit approval

You may have heard that in order to buy a home, you need to have saved at least 20 percent of the purchase price in a down payment.

And if you believe this and you're in this camp, you're not alone as nearly 50 percent of renters also believe this to be the case.

The reality is, this is simply not true.

There are a wide variety of options that allow for far less than 20 percent down the purchase price for a down payment.

First, we have conventional loans offered by Fannie Mae and Freddie Mac.

For home buyers with qualifying credit, the conventional mortgage offers fixed and adjustable rates, with down payments as low as 3 percent of the purchase price.

Next, is an FHA loan by the Federal Housing Administration, which is designed for home buyers seeking more flexible qualification requirements.

FHA loans require a down payment as low as 3.5 percent, again with both fixed and adjustable rate options.

Finally, there are 0 percent down payment options available for qualified veterans and service members offered by the VA, in addition to home buyers who are looking for more rural properties as defined by the United States Department of Agriculture, or the USDA.

It's important to know, there's not a one-size-fits-all approach when selecting a home loan.

Your credit score, the funds you have available for a down payment, and their source, in addition to other factors, will determine what option is best for your situation.

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