November 22, 2017

Bay Area Lowest Down Payment Options to Buy A Home

HOW MUCH DO I NEED FOR A DOWN PAYMENT IN THE BAY AREA?

What is the lowest down payment option when it comes to purchasing a home here in the California bay area?

The common misconception is that a down payment on a bay area house purchase could often buy you an entire house in many other markets throughout the United States right?

This is considering that the median 20% down payment on a house throughout the metropolitan Bay Area is roughly $190,000 those numbers come from an analysis talked about by the Mercury News based out of San Jose.

What the mercury news does not tell you is that 20% down payment is very rarely the norm anymore.

There are many options for lower down payments and you’d be surprised how easy it might be to qualify

5 MYTHS DOWN PAYMENT OPTIONS IN THE BAY AREA

MYTH 1: I must pay a 20% down payment.
Not true. The typical down payment today is between 5% and 10%, according to CoreLogic.

MYTH 2: My down payment has to be all my own money.
Not true. Borrowers have several options for saving for a home, including gifts from family, such as wedding gifts; grants from nonprofit agencies or public institutions; state down payment assistance programs; and employer assistance

MYTH 3: Down payment assistance programs are only for first-time homebuyers.
Some programs are just for first-timers, but others are not. In addition, the U.S. Department of Housing and Urban Development (HUD) broadly defines a first-time homebuyer as someone who hasn’t owned a home in the past three years; a single parent who only owned a home with a former spouse while still married; and a few other categories of borrowers.

MYTH 4: Down payment programs are only available in big cities.
Down payment and homebuyer assistance programs are available in small and large communities. Contact me for more information.

MYTH 5: Down payments are always required.
If you’re eligible, VA and USDA loans are 0% down.

Click to read more about these five myths and three funding sources that aren’t your savings.

CALL ME to learn more about down payments and how to become a homeowner!

About Jason Wheeler - Real Estate & Lending

Jason Wheeler has been a top producing consultant in real estate and finance since 2003. Originating, conventional, government, portfolio and hard money loans throughout California for one of the top mortgage companies in the nation. Jason works directly with homeowners and purchases homes throughout the Bay Area with the purpose of adding value to older outdated homes. IF YOU LIKE OUR CONTENT GO VIP HERE

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