According to a study by Wells Fargo last year, up to 40% of the public believe that you must have a 20% down payment in order to purchase a home. 72% of respondents believe now is a good time to purchase a home, but they're saving for a down payment that might take them many years to achieve. I am here to tell you that you can purchase with as little as 5% down, and with no mortgage insurance but expect a slightly higher interest rate. Here's what you'll need:
* 680 credit score or above
* Two years employment or self employment
* 5% down payment
Voila, that's it! Get together one month's paystubs, two year's W2s, two month's bank statements, and a copy of your driver's license and you're ready to apply. Hope that helps. Feel free to contact me if you have any questions at 949.667.2887 or firstname.lastname@example.org.
- Brian Nguyen is a senior loan consultant (NMLS 659743) who learned more about this stuff than he ever intended to. The opinions expressed here are solely his own.
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