As the real estate market continues to see gradual improvements, loan programs are emerging with lower down payments. This makes it possible for the dream of home ownership to become a reality.
Though the standard down payment of 20% of the purchase price will eliminate pmi and help to lower your payment, not everyone has that much to put down.
Loan programs such as USDA and VA loans allow qualified borrowers to obtain 100% financing on their home.
HUD homes in South Carolina offer loan options with $100 down as well as additional funds to help with renovations or repairs to qualified buyers. Homepath properties and FHA loans allow a qualified borrower to put down 3 to 3.5% of the purchase price.
With home prices stabilizing, we are on a road to recovery meaning, buyers and sellers will soon have equity in their home once again.
Certain conditions apply to most loan programs and some have area restrictions. Contact your Realtor for additional information on how to qualify for these programs.