MINT HILL, NC – The most common statement that we hear on a daily basis is: I do not have enough saved to purchase a home.  Well, we are here today to debunk that myth! There is a common misconception that one needs 10% or 20% of the purchase price to purchase a home.  In actuality, there are plenty of programs that require no down payments (0%) for first-time homebuyers, “move-up buyers,” veterans, public service members and even individuals buying outside of the city limits (USDA).  In addition to these programs, there are more standard options to purchase a home with putting as little as 3.5% – 5% as a down payment, carrying no income or location limits.

This leads to closing costs.  Closing costs are the cost one pays associated with purchasing a home.  Expected items to pay during a home purchase would be an appraisal, settlement fees, title work, insurance, property taxes, etc. Many times these costs will come out to being approximately 1.5%-2% of the purchase price.  The great thing is these costs can be negotiated between a buyer and seller as to who pays for them or can even be covered by a grant/assistance program! Therefore, pending qualifications, you could qualify to purchase a home with little to no money down plus little to no money needed for closing costs.

As always if this leads to any questions in regards to mortgages, feel free to call, text, or email me (704) 430-6138 – brandon.wolf@primisbank.com) anytime!

Look forward to discussing more mortgage tips/tricks next week!