Marcus Does Real Estate

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Do I Really Need 20% For A Downpayment To Buy A House?🤔

Nope It's A MYTH!!

The 20 percent down payment myth is circulated to this day because you need 20 percent down to avoid mortgage insurance with most conventional (non-government) loans. But, as many homeowners have discovered, PMI is not bad. In fact, many buyers in previous years have made $13,000 per year by investing in PMI.
Since the advent of FHA loans in 1934, mortgages have not required 20 percent down. That was more than 80 years ago!
The following are ways in which you can buy a home with little down payment available, or even if you have no money at all.
FHA mortgage requires just 3.5 percent down. But most first-time buyers don’t know that the down payment can be sourced from a financial gift or approved down payment assistance program.

VA mortgages require zero down. Plus, they require no monthly mortgage insurance, helping you buy more house for less money. 100 percent of the closing costs can come from a seller concession or via gift funds from family. Those with current and former military service are likely eligible. These loans are offered by most lenders across the country.
CONVENTIONAL loans offer down payments as low as 3 percent.
USDA home loans require nothing down. Property eligibility is location-based. Homes outside of major metros are likely eligible. The loans are backed by the United States Department of Agriculture and offered by most mortgage providers nationwide.
Allow me to help you navigate towards Real🏠 Estate ownership. I would LOVE❤️to be your Trusted Realtor🏡in the DFW area...I got you covered!!! DM me today!!! FOLLOW AND SHARE MY REAL ESTATE PAGE: Marcus Does Real Estate

GOT BANKRUPTCY?

PLEASE READ IF YOU’RE THINKING ABOUT BANKRUPTCY: This was EXACTLY me & my wife 6 years ago. With BAD decisions compounded by a BAD economy, being self employed & then the business not bringing in enough money monthly, we found ourselves having to file for Chapter 7 bankruptcy in 2012. We thought it was impossible for us to be able to purchase a home. We now have TWO✌🏾Here’s some vital info you need to know👇🏾
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For many, a job loss or hard luck led to a foreclosure, which in turn led to a bankruptcy. This is due to a common outcome of a foreclosure: a “deficiency.”
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A deficiency is a charge from the former lender for the amount they lost in the foreclosure.
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The lender has the option to seek a judgment for the deficiency. Each state has different laws regarding this matter, however. In some areas the former owner only receives a 1099 and the deficiency is viewed as income for tax purposes.
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Paying off this deficiency can be unrealistic for many individuals and families. They no longer own the home, and the foreclosure was caused by circumstances outside their control.
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The course of action that many people take is to file bankruptcy to clear their name from the deficiency.
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If this sounds like your situation, you probably filed a chapter 7 bankruptcy and included your home and mortgage. You did what you had to do to get a fresh start. Fortunately, this action does not disqualify you from ever getting a mortgage again.
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You got back on your feet, re-established your credit, and you feel like you don’t need to be renting anymore. Now you just have to make sure enough time has passed.
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Chapter 7 Bankruptcy Waiting Periods: Each loan type has its own waiting period guideline after a bankruptcy. Waiting periods for the four major types of loans are as follows.
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▪️FHA loans: 2 Years
▪️VA home loans: 2 Years
▪️Conventional mortgages: 4 Years
▪️USDA home loans: 3 Years .
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