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2015-09-22 05:37:32
I Don't Have a 20% Down Payment


What if I don't have a 20% down Payment?

I get that question a lot. Usually from renters that would like to own there own home but think that the old rule of thumb about needing a large down payment (20%) is holding them back.


I've put together some articles about buying a home without a large down payment to help you get over that notion, and encourage you to start looking at homes in Tooele County.

The first post is from Dan Greens 'The Mortgage Reports' blog. It was written by Shashank Shekar, and is entitled 'you don't need a 20% down payment to buy a house'. Here is part of what he had to say.

Low mortgage rates can be enticing to today's renters and home buyers -- especially with banks making it simpler to get approved for today's mortgages. However, not every buyer thinks they have enough the means to make a downpayment. 

Don't have 20% for a home downpayment? No problem! (read all)

Just for good measure i have included some additional posts that may be of help if having a small down payment is a concern.

Small down payments are a hit - 


Down payments are shrinking as first-time homebuyers return.

Read more ...


4 misconceptions buyers have about down payments 

http://www.housingwire.com/rss 0

However, many buyers, especially first-timers, subscribe to some untruths about down payments and it may be keeping them on the sidelines for much longer than needed. 1. You need 20% down. It could take an average of ...

Read more ...


5 Mortgages That Require No Down Payment Or A Small One

http://www.bankrate.com/ Tue, 08 Jun 2010 00:00:00 -0700

Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment. The Federal Housing Administration, or FHA, insures loans with small down payments, and private ...

Read more ...


Down Payments Motivate Buyers More than Interest Rates ...


Changes in down payments have much greater impact on homebuyers' willingness to buy for a home than changes in mortgage rates and lower down payment increase renters; willingness to buy six times more than existing ...

Read more ...

I hope this has been helpful. If it has and you are ready to move on and begin looking at homes for sale in Tooele UT, give me a call, 

I'm Berna Sloan 435-840-5029, and I know what to do if you don't have a 20% down payment.

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