First things first: The idea that you must put 20 percent down is a myth. The average first-time home buyer puts just 7 percent down.
Now that we got that out of the way, let’s move on to the types of loans available:
Conventional Loans: These types of loans offer great rates, a variety of down payment options and flexible terms. Often known as “conforming loans” because they conform to standards set by Fannie Mae and Freddie Mac, these loans are offered by most lenders across the country, including banks, credit unions and mortgage companies.
Conventional 97: A recently reintroduced program by Fannie/Freddie, these loans are available to first-time home buyers and are cheaper and easier to use.
DID YOU KNOW? Requiring an 80% (or lower) LTV ratio (or in other words, at least 20% down) to avoid PMI is not law, but it is the practice of nearly all lenders.
FHA Loans: With low down payment requirements, ultra-lenient credit score standards and flexible income guidelines, the FHA mortgage makes homeownership available to a wide range of individuals, especially first-time home buyers.
Westchester County Limits
SINGLE FAMILY $765,600
Fairfield County Limits
SINGLE FAMILY $601,450
DID YOU KNOW? According to the National Association of REALTORS® , in 2019, 17% of all buyers and 25% of first-time buyers used an FHA loan to purchase a home.
Fannie Mae’s HomeReady™ Mortgage: This loan allows a down payment of just 3% and permits “income pooling” for all members of a household, including parents, grandparents, relatives and working children.
203k Construction/Rehab Loans: This is an FHA loan used to finance “fixer-uppers” and repairs at the same time. The total loan amount can include the financed purchase price and remodel costs. There are two options for the 203k Loan - Standard or Limited.
Fannie Mae’s HomeStyle® Mortgage: This loan allows you to buy and rehab a loan with only 5% down, but without the 1.75% upfront mortgage insurance premium required by FHA.
VA Loans: Home buyers with eligible military service history can qualify for a 100% loan backed by the U.S. Department of Veterans Affairs.
USDA Mortgages: This loan targets home buyers who plan to live in rural and suburban areas and offers zero down payment loans to moderate-income applicants.
We're not your typical real estate agents. As former city dwellers, we appreciate the qualities that make city lifestyle so unique, from the convenience of walking to your favorite restaurant or corner store to the vast and diverse cultural and entertainment activities. But we’ve also experienced the challenges and frustrations that are motivating you to seek change. During our transition from the city to the suburbs, we had the same thoughts, concerns and questions, prompting us to create a better way to navigate the suburban home buying journey for others.
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eXp Realty in New York
777 Westchester Ave
White Plains, New York 10604
eXp Realty in Connecticut
1266 East Main Street, Suite 700R
Stamford, CT 06902
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