3.5% down, but keep in mind the additional cost of mortgage insurance. • VA Loans: If you’re a veteran or active-duty military member, VA loans are a game-changer. They often require no down payment and no private mortgage insurance, making them one of the best deals out there. • USDA Loans: Living in a rural area? USDA loans offer zero-down-payment options for eligible buyers purchasing homes in designated rural zones. Yes, rural life has its perks. • Jumbo Loans: Considering purchasing a higher-priced home? Jumbo loans step in where conventional loans cap out (usually around $802,650, but higher in certain areas). They often have stricter credit and income requirements, so be prepared to bring your “A” game. Local Knowledge is Key Here’s the deal: every state has its own unique programs, tax breaks, and loan options. This is why working with a local Loan Originator is crucial. Out-of-state lenders simply won’t have the same insight into these opportunities, and missing out could cost you thousands of dollars. Your Realtor (hey, that’s me!) likely has trusted relationships with local experts who can guide you through these options with ease. A Word of Caution: This isn’t like choosing a home inspector, where independence is vital. Your Loan Originator needs to be someone your Realtor trusts to help get you financially viable and ensure your deal closes smoothly. Don’t just pick the “in- house” option from your lender; vet them carefully. How long have they been working with your Realtor? What’s their track record? These are questions worth asking.
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