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 email@example.com.
- 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.
We just sent you an email. Please click the link in the email to confirm your subscription!