Since the days of character lending are far gone, some of the biggest misconceptions regarding the home buying process are related to down payments. Don’t get the false idea that money down is your greatest barrier to homeownership – if there is a will, there is a way. Well, most of the time. Here are a few insider tips:

-Calm down Henny Penny, you don’t need to put 10-20% down! There are dozens of lender products that allow for a lot less. In fact, roughly 60% of homebuyers last year financed their purchase using a 6% or less down payment. We even searched to find a lender that was able to provide a first-time home Buyer 100% financing because he didn’t want to wait until he had the down payment saved up to make a move on the home of his dreams! Every day we hustlin’.

-Low down payment programs aren’t only for first-time Buyers. Low down payment and down payment assistance programs are available to many qualified home Buyers, even those buying their second, third or forty-seventh home. Many banks offer 100% financing to doctors. You just have to do a little research, or lean on your Realtor and let her mine her database of trusted advisors.

-Pro tip: it’s not difficult to qualify for down payment assistance. There are assistance programs available for homebuyers with all levels of income, current renters or owners, and Buyers with a diversity of credit scores. It never hurts to ask for what you want.

-You can use gifts, grants, or loans for your down payment! This all depends on your lender, but many allow Buyers to use money that has been gifted to them (whether through family or grant programs) to pay for some, if not all, of the down payment. Time to take grandma out to dinner.

Since the days of character lending are far gone, some of the biggest misconceptions regarding the home buying process are related to down payments. Don’t get the false idea that money down is your greatest barrier to homeownership – if there is a will, there is a way. Well, most of the time. Here are a few insider tips:

-Calm down Henny Penny, you don’t need to put 10-20% down! There are dozens of lender products that allow for a lot less. In fact, roughly 60% of homebuyers last year financed their purchase using a 6% or less down payment. We even searched to find a lender that was able to provide a first-time home Buyer 100% financing because he didn’t want to wait until he had the down payment saved up to make a move on the home of his dreams! Every day we hustlin’.

-Low down payment programs aren’t only for first-time Buyers. Low down payment and down payment assistance programs are available to many qualified home Buyers, even those buying their second, third or forty-seventh home. Many banks offer 100% financing to doctors. You just have to do a little research, or lean on your Realtor and let her mine her database of trusted advisors.

-Pro tip: it’s not difficult to qualify for down payment assistance. There are assistance programs available for homebuyers with all levels of income, current renters or owners, and Buyers with a diversity of credit scores. It never hurts to ask for what you want.

-You can use gifts, grants, or loans for your down payment! This all depends on your lender, but many allow Buyers to use money that has been gifted to them (whether through family or grant programs) to pay for some, if not all, of the down payment. Time to take grandma out to dinner.