Don’t Have Much to Put Toward a Down Payment? Don’t Worry
Even if you don’t have much money to put toward a down payment, there are loan options you can use that will allow you to buy a home.
The other day, I had a client approach me about wanting to buy a home. They had a good job and solid credit, but they didn’t have any money saved up to put toward a down payment, so they were wondering if they could still buy at all.
If you’re in a similar situation, you’re in luck, because there are a couple of mortgage loan options that will help you buy a home.
The first option that was eventually introduced to my client was the VHDA loan. This loan product is unique to Virginia, and it gives you a homebuyer grant, an affordable mortgage, and a tax credit.
The other option is the FHA loan. This loan requires very little in terms of down payment, and you can oftentimes get the seller to pay that amount for you.
So don’t assume you can’t buy a home because you won’t be able to afford a mortgage loan. I know plenty of great lenders in the area who’d be happy to talk to you more about what your options are, so don’t hesitate to give me a call if you’d like to speak to one of them.
As always, if you have any other real estate questions, feel free to reach out to me as well. I’d love to help you.