Can I Buy a House without 20 Percent Down Payment?

Many Americans do not own their dream homes today because they think they’re unable to afford the down payment. People assume they need to put 20 percent down to buy a home. Believe it or not, that’s not the case.

It sounds too good to be true, but you can buy a house with much less than 20 percent down. So, just how much money do you really need to buy your dream home?

According to the National Association of Realtors, the average median down payment has been 5 percent for first time buyers for decades. People don’t realize there are different kinds of mortgage loans that requires less than a 20% down payment.

So, How Low Are You Able to Go?

FHA Loans

The Federal Housing Administration (FHA) mortgage offers down payments as low as 3.5 percent. Majority of the first-time buyers don’t realize that it can be obtained from a financial gift.

VA Loans

The U.S. Department of Veterans Affairs (VA) mortgage offers Zero down payment to the military service members and their families. They are offered by most lenders across the country.

DPA

Down Payment Assistance programs are becoming more well-known by the day. It helps homebuyers get a house without putting down their own money.

Fannie Mae and Freddie Mac Conventional Loans

Fannie Mae loans offer down payments as low as 3 percent. While, Freddie Mac conventional loans offer down payments as low as 3 to 5 percent.

While many believe a 20 % payment is a requirement, you can see that there are loan options available. You don’t need a 20 percent down payment to purchase a house, you may be ready to buy a home today!

If you want a full team of experts to help your decision on what is the best loan option for you, we’re happy to help! Please don’t hesitate to reach out to us, we look forward to hearing from you!

What is VA Loan?

Buying a home is exciting, however, figuring out the right home loans can be very stressful. Home loans, also called mortgages, come in numerous types.  Choosing the right mortgage loan is very important. To have a better idea of what loan works best for your needs we are going to dive into the VA loan program.

Did you know VA loans helped more than 22 million veterans achieve their dream home since the year of 1944? VA loans represent the most powerful lending on the market. How does a VA loan work? Well, not just anybody can get a VA Loan. This program from the U.S. department of Veterans Affairs (VA) offers to service members, veteran, and their families for home mortgages through a private lender. They provide flexible low interest rates and do not require a down payment.

The great thing about it they help you finance a home when you don’t qualify for other loans such as conventional. They’re open to help first time buyers and past customers.  The big part of getting it right is choosing the mortgage loan that best suits you.

If you want a full team of experts to help with your decision on what is the best loan option for you, we’re happy to help. To learn more about a VA loan, please don’t hesitate to reach out to us, we look forward to hearing from you!

Millennials are Changing the Housing Market

More and more of the millennial generation are interested in homeownership. The way that millennials find their home has changed because they are living in a world that is ruled by technology.

According to the chart below, Millennials, ages 18-34, cover 42 percent of all home buyers today. First-time buyers make up 47 percent, which means nearly 6 in 10 are Millennials. They are more serious in looking for a home than renting.

Millennials are better informed about their housing options than any other generation before them. This research-driven culture is supported by the internet where everything you could want or search for is right at their fingertips.

According to the bar chart below, Millennials cover 29% of online resource versus Baby Boomers covering 20%. Millennials value their time and demand convenience, so they do hours of online research when it comes to home searching and finding their agent. They want the agents to involve them on social media. They highlight the features that are important to them along with pictures and videos which helps them envision themselves living in the location.

As a result, getting the information in front of them is key. After all Millennials are changing the housing market today when it comes to technology.

Before you decide to buy a house, find out if you can put your housing costs to work by buying this year! If you have any questions for us, don't hesitate to give us a call at 770-552-1000 or send us an email at skatz@vandykmortgage.com. We look forward to hearing from you soon!

Great Ways to Meet Your Neighbors

Everything you own is packed into the moving truck. The old house is empty and you’re on your way to your new location. The moment you finally arrived at your new home, you finally turn the key and open the door. 

Getting help to unload the truck and arrange the furniture. You see your neighbors peeking through there window to see who just moved in. They’re likely to be as curious about you as you are about them.

Perhaps, rather than wait for your neighbors to welcome you, get out there yourself!

 So how do you do that? Here are a few pointers on how to meet your neighbors after you’ve moved into your new home. 

Hold a Garage Sale

It’s possible that you got rid of your stuff from your old home, but you never know what you’re going to need (or want) to keep at your new home.

That way, hosting a yard sale can help you meet all your neighbors and get rid of your stuff at the same time.

It’s an easy way to chat with anyone who stops by.

Use your dog

If you have a pet dog, might as well take your dog for a walk. You are bound to bump into your neighbors. Granted, it doesn’t mean you can’t use your dog to meet people outside your neighborhood. Take Muffin to the dog park and other dog-friendly neighborhood spots where you’re likely to meet other dog lovers.

Use your Front Yard

Instead of hanging out at your backyard, why not move it to your front yard? Let’s face it, some say it’s not for everyone, but it’s about making yourself visible to the neighbors.

Find the time and day to enjoy the outdoors, you’ll be surprised on how naturally it leads to conversations with those passing by. It’s a great reason for you to read a book or garden your yard.

Host a Neighborhood Party

If you don’t have plans on a Sunday, throw a block party! Seems kind of like a lot to organize the event, don’t sweat it. There are many ways to host a party, you can get everyone to participate in bringing beverages and food.

There’s plenty to be excited about when you move into a new house.

Thinking of buying a new home? You don’t want to miss out finding the right house and neighbors to call your home sweet home! Give us a call or send us an email! We look forward to hearing from you!