Are you a first time home buyer trying to save your down payment? Everyone knows that it’s ideal to save up twenty percent of the purchase price to put down on your first home.
In a market like Orange County where median home prices are over $700,000, 20% down is over $140,000. Are you having a hard time saving up 20%? Or even 10%? The struggle is real. Home prices have been on a fairly steady rise over the last several years. Chances are, by the time you reached your savings goal, that twenty percent is more like 17%, or less.
We understand the challenge and we are here to help! Actually, FreddieMac is here to help. They have released a new program for first time home buyers called HomeOne. HomeOne offers a low down payment option. How low is low? How about 3%?
One of the stand out features of the HomeOne mortgage program is that it does not have income limits! There are also no limits on location either. So you can find your dream home, in your preferred location and enjoy all the great benefits that come with being a home owner.
This program has certain requirements that the buyer must meet, including income and credit verification and attending a Homebuyer Education class. Also, one of the borrowers must be a first time home buyer.
If you have any questions or are wondering if you can get into a home for 3% down, reach out to us today!