4 Common Down Payment Program Myths Debunked

Myths or Facts Concept

If you’re considering buying a home, you’re probably in deep in research mode right now. In fact, most homebuyers do significant online research before engaging a lender or agent. And, if you’re here, you are likely researching about the down payment for your home purchase.

Home prices, along with down payments, are increasing, but down payment assistance programs can help make buying a home more affordable. We’re breaking down some of the most common myths about home financing and down payment programs. keep reading

FHA: Affordable or Not?

If you’re a first-time homebuyer, you’ve likely heard of an FHA loan. Why do so many first-timers flock to FHA?

These loans, insured by the Federal Housing Administration, can be a great fit for new buyers because they allow low down payments (3.5%), good long-term interest rates and flexible qualifications. However, these affordable loans also include premiums (loan fees) and mortgage insurance for your lender to manage the risk on the loan. It protects your lender in case you default on your loan. keep reading

Is the American Dream Changing?

Ah, yes the American dream. Is it still relevant today? What does it mean to today’s generations—those in their 20s and early 30s graduating from school and finding their calling?

Traditionally, the American dream refers to the ideal that every US citizen should have an equal opportunity to achieve success and prosperity through hard work, determination and initiative. In a practical sense, it’s often characterized as having a stable job, a family and owning a home. keep reading