June 3, 2019

The truth about down payments

They say numbers never lie, but there’s a lot of myths about down payments. So to set the record straight, here are four facts to consider when looking for a home.

  1. You may not need 10–20% down. About 60% of homebuyers financed their home with less than 6% down*. And at LMCU, we’ve financed plenty of homes for as little as 3% down.
  2. Low down payment programs aren’t just for first-time buyers. Whether you’re buying your second or your tenth home, if you need down payment assistance, our experts know what programs to look for.
  3. You don’t need perfect credit or a high income to qualify. We know the ins and outs of every down payment assistance program. So regardless of your past or present, chances are, we can help finance your future.
  4. Cash is not the only currency. You might be able to use gifts, grants, or other loans to pay for some, if not all, of your down payment. We’ll help you find the right combination to afford your home.

Now that you know the truth, visit LMCU.org/Mortgage to get started.

*Source: National Association of Realtors 2017