Leann Stringer - Realtor

Popping in to remind you that you Don’t. Need. 20%. Down. To Buy A House! 🏡

I'll say it a little louder for the people
in the back!! You do not need 20% down to buy a
home!
In fact, the average home buyer puts down 6%!
Yes, there are benefits to putting down 20%
on a property - but that's not always feasible for every
homebuyer.
Downpayments do depend on the type of
mortgage you get. FHA loans start around 3.5% and
Conventional loans around 5%. VA and USDA loan do
100% financing but you have to qualify for those.
For a $200,000 home an FHA loan would only need $7,000 for a
downpayment and a Conventional loan would need $10,000.
That's a lot more realistic to most than $40,000 for 20% down!

There are perks to putting down 20% though, so let's not disregard how it can lower your monthly mortgage
payments and eliminate other additional mortgage fees.
This is why it is so important to have a Realtor guide you and connect you with the right mortgage lender. Message me and let’s get you started on your home buying journey 🤗 Leann Lester

ABC’s of Real Estate!
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Private Mortgage Insurance (PMI) protects the lender in case the borrower goes in to default
It’s an extra payment in your mortgage that does not go towards your principal and usually drops off once you pay 20% of your loan (depending on your loan type).
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Leann Stringer - Realtor
Keller Williams Distinctive Real Estate Services
Cincinnati Ohio
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6 steps to owning a home 🏡

Happy Thanksgiving Everyone!

Feeling so blessed to have my health, family & friends ♥️🦃