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You Don't Need a 20% Down Payment to Buy!

 

    You Don't Need a 20% Down Payment to buy a home! 
 
     Let me repeat that ...
 
     You Don't Need a 20% Down Payment to buy a home!
 
    
      I'm not sure how I can say that more clearly, more often, more concisely, and consistently ... or deliver it more  emphatically.   I say it again now, almost in fear of sounding like a broken record.
 
     Yet a Zelman & Associates (via the MReport) study reveals that a large percentage of people still believe otherwise.
 
     Here are some of the beliefs found in this study:
  • Respondents, on average, think Lenders demand at least 11 to 15% Down Payment for a purchase
  • 38% of 25-29 yr. old respondents believe the minimum Down Payment to purchase a home is 15%
  • 42% of 30-34 yr. old respondents believe the minimum Down Payment to purchase a home is 15%
  • 30% of 25-29 yr. old respondents thought it possible for them to qualify for a Mortgage
  • 40% of 30-34 yr. old respondents thought it possible for them to qualify for a Mortgage
  • 39% of all respondents think the minimum Down Payment needed for their purchase is 15% of the Sales Price of the home

     WRONG!  WRONG!  WRONG!

      And just in case you didn't catch my message  ... If you believe any of the above, you're WRONG!
 
     Options, like those below, allow you to make MUCH smaller Down Payments: 

  • A 3% Down Payment mortgage program option is available now. 
  • 0% programs are also available, should you be a Veteran of the Armed Services or purchasing an USDA-RD approved property.  
  • FHA continues to offer its 3.5% Down Program and all the funds needed can be a GIFT

     Bottomline:  If you want to buy, now or in the future, take action.  Don't listen to rumors.  Don't rely on bad or unreliable information.  Don't continue to just guess or wonder.  

     Have a conversation.  Ask your questions.  Get the facts. Don't hesitate.  Do it now.  I'll be happy to hear from you ...    

 
 
   
  
     *  Hoping to Buy, Build, or Refinance a home within the Chicago area, Contact Me.  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.  
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
 
 
 
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  
 
Your Referrals are Appreciated! 

 

      You're invited to visit, read, and subscribe to my blog: Gene's Chicagoland Mortgage Blog.        

   

Gene Mundt, Regional Manager NMLS #216987
American Portfolio Mortgage Corp
Branch Office - 318 Alana Drive, New Lenox, IL  60451
Cell:  (708) 921-6331
Direct:  (815) 524-2280
Fax:  (815) 524-2281
gmundt@goapmc.com
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