DOWN PAYMENT
You don’t need 20% down payment! In fact, the average down payment in 2019 for first time homebuyers was 6%. The majority of prospective home buyers do believe they will need help with their down payment…so let’s talk about how we can do that.
GIFT MONEY
This is often times overlooked. I’ve always loved this option because it allows loved ones to help out with the down payment, but they aren’t tied to the loan in any way. It’s like a ‘boost’ to get you started.
Your lender will just require a letter from the person(s) offering the gift money stating that it is for the purchase of a home and that it’s not required to be paid back.