Grow Financial Federal Credit Union
April 11, 2019

Solutions to the Home Down Payment Problem

Typically, a down payment on a home runs anywhere from 5% up to 20% of the purchase price. Let’s do the math—for a $200,000 home, you’re looking at a minimum down payment of $10,000. Gulp. That’s cash, up front. And that can be a problem, especially for younger buyers struggling to save.

Is there any good news? Yes! Young buyers account for most of all new home loans.1 They’re finding ways to cover the down payment, and so can you. Your best options? The government, and Grow.

Government

Buyers who meet the requirements may qualify for these programs:

  • Down payment assistance available through state and local governments. Basically, this a loan and in some programs, the debt is forgiven if you stay in the house for several years.
  • VA home loans offer up to 100% financing with no down payment.
  • FHA loans require a down payment of as low as 3.5%.

Grow

Don’t qualify for government programs? Take a look at what Grow offers:

  • 100% No Money Down Home Loan, a fully-funded, fixed-rate home loan good for the purchase of homes valued up to $453,100.2
  • 3% Down Home Loan, which is our alternative to FHA loans. This, too, is a fixed-rate home loan available at today’s competitive market rates.2

Let’s Talk. Call 800.839.6328, ext. 2694

Information is your best preparation. So, first look at all your options, then talk with a Grow Real Estate Loan Officer who’ll work with you in finding the right solution. To get the conversation started, call today or go online to contact a Grow Real Estate Loan Officer in your area.

12017 realtor.com
2Subject to credit approval. Not all terms are available. Some restrictions apply. 100% financing and 3% down financing are not available for home equity loans or refinances.


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