21 May Holly Walther Lending Team: Fun Fact Friday – Tax Returns and Down Payments
Holly: Hey, happy Friday. It’s Holly and my stand-in little miss Daisy, and we are here with this week’s fun fact Friday. So now that income tax returns have been filed. If you haven’t, you have until Monday, so get out there and make that happen. A lot of people are getting tax return, refunds, and they’re calling us daily saying, “how can I use this money? I want to buy a house, but I don’t have the 20%.”
This is your friendly reminder. You do not need a 20% down payment to purchase a home. The average down payment percentage is actually 6% across the United States. However, there are some loan products out there that you can purchase a home with little to nothing down. If you haven’t purchased a home within the past three years or are a first time buyer, there are some great Fannie Mae and Freddie Mac products that only require 3%. And then of course, there’s the fantastic FHA that requires three and a half.
So summary, bottom line, you don’t need 20% down to buy a home. Call us today. Let’s utilize those funds you have available to change your life and get you in your dream home as soon as possible. So this is Holly Walther with your fun fact Friday, have a great weekend. We’ll see you next week!