FHA loans let first-time buyers get into a home with just 3.5% down. On a $200,000 house, that's $7,000. You don't need perfect credit, but you do have to live there for a year and may pay PMI.
3.5%
First 12 months (owner-occupancy requirement)
$7,000
Stop buying dreams and start buying houses. Has anyone ever told you that you can get a house with a 3.5% down payment? Think about it. If you have a life partner, spouse, girlfriend, boyfriend, maybe a pet with a successful Instagram account, the two of you can chip in for the 3.5% down payment. For a $200,000 house, 3 1/2% is $7,000, or about 3 to 4,000 each. Getting your first property is often the hardest part and now you're on the fast track because you have your foot in the door. What you have to do to make it possible to only have a 3.5% down payment is not hard at all. You have to live there for the first 12 months. It's called an FHA loan. FHA loans are sponsored by the government to encourage home ownership. Don't need amazing credit and you don't need a big down payment. You need to have a solid job if you are a couple with two solid jobs. And even better, there are a few things you have to watch out for like PMI payments, but it's actually a great program that you should know about if you have ever looked into buying a home and you were scared off by the prices and the down payment.
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