Many lenders are asking for smaller down payments from buyers who do not want to invest all of their capital in the down payment of their new home. If you are considering buying a home – this might just be the news you need to make your dream of home-ownership a reality!
In order to buy a new home, a certain amount of cash is required up-front in the form of a down payment. The amount of this down payment directly affects your loan – the more money you put down, the smaller your loan will be. But what if you have limited cash on hand to put towards a down payment? You may not want to put all of your available money into your house – you may want some flexibility with your cash.
The Good News
There are many loan options out there requiring less cash to be used as a down payment. This means you can have more cash available to go towards purchases for your new home or whatever life calls for!
If you are in the market to purchase a home, now is an ideal time to speak with a mortgage lender about your options. They can help you find loans that can give you more flexibility with your money. To learn more about our programs, speak with your local On Q Financial Mortgage Consultant.