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VPP Mythbusters: Do you need a large down payment to buy a house?

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When it comes to real estate, there's a lot of information out there. Given this reality, how do you know if what you're consuming is fact or fiction?

Throughout our decades of experience in the DFW Metroplex, we’ve been fortunate to have the opportunity to address our fair share of questions and misconceptions, and witnessed the impact that misinformation can have on your home buying or selling experience. To better serve our amazing clients, we’ve decided to tackle the questions and myths we encounter most. Allow us to introduce — MYTHBUSTERS!

Let’s start with one we hear a lot from folks who aren’t sure if they can buy a house. 

The Myth: To buy a house, you need to have a 20% down payment ready. 

The Reality

The reality is, there are a variety of programs available to finance your home, many of which do not require a large down payment. A quick conversation with a lender will give you an idea of what options might be the best fit for you. It certainly never hurts to learn your options, and you may end up finding that you are in the perfect position to buy a home. 

Now, there are some potential benefits to putting more down on your home. These may include lower monthly payments, no PMI, and of course increased equity. Regardless of whether you choose to make a large down payment or not, you are building wealth and equity through homeownership, which is the key part of the reality in this scenario. 

If you don’t yet have a lender to speak with, you can always give us a call or fill out a form on our website and we will be happy to send over a few that our clients have had great experiences with. 

Stay tuned for more Mythbusters! 

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