How Much Do You Need to Buy a Home?

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Many people think they need a lot of money to buy a home. That’s not the case!

In fact, you can get into a home without a down payment in California! If you’re currently active in the military or you’re a veteran, there’s a great VA loan program with the U.S. Department of Veterans Affairs. I’m also a certified military specialist who can walk you through this process.

"You can get into a home without a single down payment in California!"

Secondly, the government offers an FHA program. It requires 3.5% down. For instance, if you’re buying a $500,000 home, you’ll need less than $20,000 as a down payment.

Next, there are conventional loans. There’s a misconception out there that you need 20% down for them. However, you can obtain a conventional loan with as little as 5% down, depending on your loan limit.

Additionally, there’s the 80-10-10 program. I really admire this one. With this loan, you won’t have any mortgage insurance to pay.

With that being said, reach our office to discuss your options with a professional. If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’d be happy to answer your questions about this topic and more!