There are several factors that prospective home buyers find to be not only challenging, but downright scary. One of the most daunting hurdles in the home buying process can be the down payment. Regardless of your credit and paycheck, it could be a make or break issue for many people.

Luckily for you, I have worked in this industry long enough to know that most lenders will tell you 20 percent is standard – but that isn’t always true. There are several other options to help you if you don’t have the full 20 percent to put down. It just depends on your specific personal situation and timing.

Of course a more substantial down payment has its benefits:  It will help keep your monthly low payment low so you have cash to spare, interest rates are lower and if you are approaching retirement age, you may consider a reverse mortgage sometime in the near future.

However, a lower down payment could be a good option when the rate on an FHA or Fannie/Freddie loan is comparable to that of a higher down payment, or when you need to escape a high-rent situation that may place your monthly payment on a house lower than what you currently pay in a rental. Additionally, if you are confident your home will appreciate quickly, this may allow you to refinance and get rid of a private mortgage loan faster.

My experience over the years in the real estate industry has allowed me to partner with great lenders who will work tirelessly for you to help you work with numbers you are comfortable with. Let’s talk about your goals and how I can help you achieve them with my help and that of my trusted local partners. We are ready to get you into the home of your dreams at a realistic price!