How Much Money do I need to Buy my First Home?

Thinking of Buying Your First Home, but concerned that you don't have enough money saved up to make it happen?  Here are a few statistics....

1. You DON'T have to have twenty percent down, or even ten.

2. For some types of loans (FHA loans are very common for first time buyers), you need as little as 3.5% of the purchase price.

3. Depending on your income and family size, there are "down payment assistance" programs available.  In most cases, these programs will loan you $5,000-$6,000 toward your down payment, and each year for the next five years, 20% of that amount is forgiven (meaning if you stay in the home five years, you don't have repay downpayment assistance loan).

4. If you're a veteran with an honorable discharge, you can use a VA loan with competitive rates and NOTHING down.

5. Some parts of the Louisville market and surrounding counties are eligible for Rural Housing loans, which are underwritten by the US Dept of Agriculture.  These loans also require as little as $0 down -- and no, you don't have to farm or do anything related to agriculture to qualify.

6. There are now "conventional" loans which require as little as 3% down, and do not require mortgage insurance (call if you need an explanation of mortgage insurance).  Rates are slightly higher than other loans, but sometimes these are still the best for your situation.

Getting a loan is like buying a car -- there's no "right" answer and one size definitely doesn't fit all!  Please call us for a recommendation to a good lender who can discuss your options confidentially with you.  You may be in a much better position to buy a home than you think!

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