Well maintained home on quiet street. Hardwood floors in living room and bedrooms. Exterior has vinyl siding and newer windows. Skylight in one of the bathrooms. Updated bathroom vanities. Some of the kitchen cabinets have pullout drawers. Fenced back yard is large and has nice trees. Full basement with good walls and can easily be finished. Brand new electric panel and fuses.

There are loan programs available with zero down financing and some possible grants available to those that qualify.

Large Fence Back Yard

Most potential homeowners believe that in order to purchase a home they’ll need to come up with at least 20% for the down payment. And with the median price of homes in the US at $240,900, that’s a whopping $48,000. For many, coming up with that kind of cash just isn’t possible. But while you traditionally needed a substantial down payment in order to secure a loan, today there are plenty of ways to become a homeowner—even if you haven’t saved a penny for a down payment. In a recent video, the team at Realtor.com break down a few options available for potential buyers looking to buy a home without a substantial down payment. One option is a mortgage from the US Department of Agriculture’s Rural Development office, which provides 0% down payment mortgages to buyers in towns with populations of 10,000 or less (which covers 97% of the US!). Other options include mortgages from credit unions, VA loans, and down payment assistance programs. In addition to the options outlined in the video, nontraditional lending options like FHA loans are also a great way to purchase a home without breaking the bank with a down payment.

The Takeaway

If you’ve been holding back on purchasing a home because you haven’t been able to save a substantial down payment, you have options. Give me a call and we’ll figure out which no (or low) down payment loan option is right for you.

The housing market in the Kansas City Metro Area is tight, especially in the lower price ranges. If you are looking to move up to a higher price range then now would be the time to take a look to see what is available. If you are thinking of selling contact me so I can save you money on the real estate commission.

• March 2019 average sales price for new & existing homes combined ($238,762) is 3.1 percent higher than March 2018.
• There were 2,805 home sales (new & existing combined) for March 2019  – 12.8 percent lower than last March (3,216).
• Home inventory (new & existing combined) for March 2019 (6,832) is 5.2 percent lower compared to March 2018 (7,210).
• The supply of new and existing homes for March 2019 is 2.1 months representing a home market favoring sellers.