Think you can’t afford to buy a house? There are a number of programs that can help make the dream of buying a home a reality.
You don’t need to put 20% down. Fannie Mae and Freddie Mac have down payment requirements as low as 3%. If you’re a vet or active military, a VA loan requires no down payment.
Your family can help with your down payment. Fannie Mae’s HomeReady Mortgage allows a down payment of just 3%, and income from grandparents, parents, relatives, and working children can be used to help qualify for the loan.
You don’t need perfect credit. To qualify for an FHA loan, your credit score needs to be just 500 or higher. FHA loans allow a down payment as low as 3.5%, and that payment can come entirely from “gift funds.”
BIG PLUS: There are a number of down payment assistance programs in Washington State to help you finance a home and arrange a payment you can afford.
Are you ready to start looking for a home? A Windermere Real Estate broker can help you find programs that make buying a house more affordable.
This blog originally appeared on WindermereEastside.com.