3 of 12 renter to home owner series How Much Money Do I Need as a Down Payment?

This video is about 3 of 12 renter to home owner series
Many renters don’t buy a house because they feel like they could never save up enough for a down payment.
But what they may not know is there are mortgages out there that require low down payments…you don’t need 20% of the purchase price as a down payment.Thats right, There are 100% loans as well as downpayment assistance programs that we work with all of the time. There are programs specifically for VA and now more than ever lenders are getting creative to avoid the rising cost of mortgage insurance.
In fact, depending on your rent, a down payment could be equivalent to having to pay a landlord:
The first month’s rent
The last month’s rent
A month and a half security deposit…
…before you can move in.
So if you can somehow manage to come up with those three things in order to rent a place, you can probably come up with a decent enough amount to put down on the purchase of a house.
The easiest and best way to find out how little of a down payment you would need is to call a mortgage professional. I mentioned a couple of good ones in my last video…but if you don’t have it handy anymore, just shoot me an email, text, call or even smoke signal and I can send you their contact info.

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