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Down payments stressing you out?

Aug 23, 2017

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Is the idea of saving enough money to put 20% down on a loan scaring you away from getting your dream home?


Gone are the days of "20% Down or No Mortgage". According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under 10% over the last 12 months. 


According to a new Census Report, the Annual Survey of Entrepreneurs, home equity was used to start 7.3% of all businesses in the United States, which equates to over 284,000! The industries that saw the most growth from home equity are accommodation & food services, manufacturing and, retail trade.


Low down payments aren’t just great for first-time homebuyers. These programs have allowed homeowners who want to capitalize on the equity they have in their homes to use the profit from their sale to pay off high-interest credit cards, fund education or even start a business. 


Read the full article here.


Give us a call today at (517) 351-5626. Getting approved for a mortgage may be closer than you think.