REAL ESTATE MYTH #1: you need hundreds of thousands of dollars to buy a house

July 19, 2021

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Real estate myth #1:

You need hundreds of thousands of dollars to buy a house.


The truth: Although saving up larger sums for a down payment helps make financing easier, there are numerous financing programs out there that can help you purchase a house with a smaller amount of cash down. 



Current homeowners:

Don’t have a down payment saved? No problem. You can buy a new house without spending money out of pocket! 

With today’s real estate market, you may have more equity than you think! Our Evolve Agents can help coordinate the sale of your current house with the purchase of your new home, such that part (or all) of the equity in your current property serves as the down payment for your new house. No extra cash necessary! 

That house with a pool, bar, study, or at home office may be closer than you think—ask an Evolve Agent for a Comparative Market Analysis to estimate how much equity you currently have. 


Investing enthusiasts:

Want to turn your stock market gains into something tangible? With major market indices pushing records, with the recent bitcoin crash, you may find yourself looking for new, more stable investing opportunities. 

Investing in multi-family rental properties can not only provide a source of monthly income (many multi-family properties provide surplus funds after accounting for the mortgage payment) but also provide an opportunity to turn ~$90,000.00 (450,000*20%) into $500,000+ in the long run. 

Have a down payment, but no income? No problem. One of our experienced Mortgage Brokers can help you determine if asset based lending is the right fit for you. 


First time home buyers:

Popular among first time home buyers, FHA allows for financing up to 96.5% of the purchase price (aka 3.5% down). This means that a qualified buyer could purchase a house at a purchase price of $500,000.00 for around $18,000.00 down.  

Some programs help home buyers purchase a house with 0% down, based on their background (veterans, for example) or the specific town where the house is located (USDA). Want to find out if there’s a program that’s a good fit for you? Give us a call at (508)545-1323 or stop by our office, and we can put you in touch with our team of experienced mortgage professionals.