How to Buy a New Home When You Don’t Have a Lot of Cash
Buying a house can be a daunting task, especially if you don’t have a lot of cash on hand for the down payment. If you’re a first-time home buyer worried about taking on a mortgage, check out the guide below. You’ll learn about the right questions to ask about a new neighborhood, lending programs that let you put as little as 3 percent down, and why you might want to trade your student debt for home debt.
Ask the Right Questions
• There’s the standard checklist — the schools, the commute, the taxes — and then there’s our checklist: 43 questions to ask if you want to yield more happiness for less money. Read more »
Is a Mortgage With a Low Down Payment Right for You?
• Coughing up a 20 percent down payment can strain your finances — by some estimates it takes nearly 20 years to save enough to put down just 10 percent. But you may have options. Some programs make it easier for new home buyers without much cash on hand by letting them put as little as 3 percent down. But before you go down this route, there are some important questions to ask yourself. Read about the risks of a low-down-payment mortgage and learn how two couples made it work. Read more »
3 Options to Consider With a Low Down Payment
• Still interested in a low down payment? Read our guide to the three programs offering low-down-payment loans that Fannie Mae, Freddie Mac and the Federal Housing Administration help facilitate. Read more »
Higher Loan Limits Mean You Can Borrow More
• The federal government just raised limits on conventional loans, allowing more borrowers to take advantage of certain government-backed mortgages. If you’re thinking about taking out a mortgage with a low down payment, this is good news. Learn more about what this means for you and what the new limit is in your area. Read more »
Trade Student Debt for Home Debt
• Fannie Mae is taking three steps to help borrowers who have student loans buy a home or refinance a mortgage. It’s also helping parents who borrowed on their children’s behalf. Read more »