Downpayment Myth

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According to the National Association of Realtors ® the median down payment for first-time homebuyers over the past 3-years has been 6%.

Has the 20% myth kept you from becoming a homeowner? Right those wrongs and follow the steps below:

 

1) Determine how much of your savings you can use for a down payment by reviewing your current financial situation.

2) Talk to a loan officer to get pre-approved and determine which loan program is best for you.

3) Get connected with a Living TN agent to help you find properties within your budget

Common loan programs and their down payments

FHA: 3 ½%

Conventional: 3%,5%

VA (veterans only): 0%

**There are many other loan programs out there, including ones with 0% down. Call us at (615) 933-1000 to get more information.**

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