07/02/2024
Spring is widely recognized as the most popular time of year to buy a home. If you’re a first-time home buyer navigating the housing marketing, it can feel overwhelming. There is a lot of information to consume from many different sources – how do you know what’s accurate? We’re here to help answer home-buying questions and dispel some of the mystery surrounding the housing market. Here are some common myths and the truth behind them.
Myth #1: You need a 20% down payment
While a 20% down payment may be the traditional standard, it’s certainly not required for purchasing homes today. If you want to buy a house but don't have 20% to put towards your down payment, there are a variety of options that may be available to you. You may qualify for a USDA, FHA, or VA loan, which offer no or low down-payment options. With any loan, having a good credit score benefits the home buyer. Mortgage Loan Officers will look at your credit to help determine mortgage rates and loan terms. First Financial also offers a variety of affordable loans for qualified borrowers, including our Community Builder, Dream Builder, and CHAMP loans. Here are some highlights from each loan.
