Purchasing a home with a low down payment is important for a number of reasons, including the buyer’s ability to have extra cash left over for closing costs, decorating expenses, upgrades and/or other essentials needed to turn their new house into a home. Thanks to the level of competition between mortgage lenders, it’s now easier than ever to buy a home with a low down payment. First-Time Homebuyers There are a lot of perks to being a first-time homebuyer, including the ability to get in the door with a low down payment. Many lenders will ask for a down payment as low as five percent (three percent for FHA loans) to those looking to purchase their first home. A first-time homebuyer is someone who has rented their previous home(s) or has never purchased a house on a permanent foundation. Individuals who have owned manufactured homes may also be eligible for a first-time homebuyer loan, but the final decision is up to each individual lender. FHA Loan This type of loan is guaranteed by the Federal Housing Authority (FHA) and allows for a smaller down payment than many conventional loans. In addition to offering down payments as low as three percent […]
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For many people, owning a vacation home is a dream come true.  Having a place to get away and relax can be wonderful, but it’s also a big investment that shouldn’t be entered into lightly.  If you are in the market for a vacation property, make sure you know what to expect. Consider Location And How Often You Will Visit One of the biggest things to consider when it comes to buying your new vacation home is where it will be located.  Take into account how far you can reasonably drive for weekend visits.  Since most trips out to a vacation home will encompass a Friday through Monday round trip, look at the time you will spend on the road, allowing for Friday evening commute traffic as well. A longer drive means you probably won’t visit as frequently, so another important thing to consider is whether it is worth the cost if you can’t go as often as you’d like. Will You Rent It Out? Many people help offset the cost of owning a vacation home by offering it as a vacation rental when they aren’t using it.  While this can be a great way to help pay the mortgage, […]
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