There are many great Jonesboro area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 870-847-7653 for a FREE home buying or selling consultation to answer any of your real estate questions.
Putting 20% down may have been standard in the past, but now it's much different. The government has made it easier for first-time and low-income buyers to get a home through a host of 0% down programs. If you're a veteran who has received an honorable discharge, you're eligible for a VA loan that will allow you to put no money down. Additionally, if you're willing to live in a home outside of city limits, there's a Rural Development Loan that's available for 0% down.
Recently, we came across an article that said the government is considering reducing the down payment for FHA loans, which used to be 0% down. They might lower them from 3.5% to 3%, which doesn't seem like a lot, but will actually save you a good deal of money over time. Conventional loans still hover around 5%, which is not a bad option if you can afford it.
As you can see, the myth that you need 20% down in order to purchase a home is just that: a myth. Don't get discouraged or quit looking for a home if you can't put 20% down. Give us a call if you have any questions or concerns about these loan packages. We would love to help you find one that suits your needs!
