Purchase Your Dream Home With As Little As 3% Down

The journey to homeownership can indeed begin with something as manageable as a 3% down payment. Here are a few key points to consider if you're thinking about taking this step:

1. Affordability: A lower down payment makes homeownership more accessible, especially for first-time buyers. It reduces the amount of money you need to save upfront.

2. Loan Options: Many loan programs, such as conventional loans backed by Fannie Mae and Freddie Mac, offer options for a 3% down payment. FHA loans also offer low down payment options, typically around 3.5%.

3. Private Mortgage Insurance (PMI): With a down payment of less than 20%, you will likely need to pay for PMI. This protects the lender in case you default on your loan. PMI can be canceled once you reach 20% equity in your home.

4. Budgeting for Other Costs: Remember to budget for other costs associated with buying a home, such as closing costs, moving expenses, and setting up your new home.

5. Long-term Planning: While a smaller down payment can get you into a home sooner, it's important to consider your long-term financial plan. Make sure the monthly mortgage payments fit comfortably within your budget.

6. Building Equity: Once you're in your home, you'll start building equity with each mortgage payment, which can be a valuable financial asset over time.

Starting with a small down payment is a great way to begin your journey to homeownership, setting you on the path to building wealth and stability for your future.

Joe Costa/Marni Wolf

Park Place Financial Group

402 West Broadway, Suite 400

San Diego, CA 92101

619-990-7552

www.parkplacefg.com

info@parkplacefg.com