Buying A Home With A Small Down Payment

Many people would like nothing more than to buy a home in Bremerton or Port Orchard, but lack a large down payment. Even if you don't have bad credit, coming up with a sufficient down payment to get a loan is often the stumbling block that can stop you from buying a home. FHA loans will require at least 3.5%, and conventional loans much more, up to 10-20%.

There are some options, however, that can allow you to stop cycle of renting and finally move into the home of your dreams. Purchasing a home on a lease purchase arrangement is one such option. This is an excellent option if you have a steady income but don't have a large amount of money in savings or simply set aside to make a down payment on a house.

The most important thing is that you have steady income to make monthly payments, and that you have a reasonable amount saved up to put down. Usually a few thousand dollars is good enough to get started. During the lease period, a portion of your monthly payment is usually applied towards the final down payment you'll have for your home loan. Building it up over time allows you to ease into home ownership and get out of renting forever.

If you're a little short on funds, some sellers are willing to allow you to move in if you promise to make some improvements to the home, or even trade items of value such as a car, boat or ATV in lieu of a down payment. such arrangements make it much easier for you to get into the home of your dreams without the usual obstacles.

By: Mike Sumsky

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Washington Home Solutions is located in Port Orchard and offers lease opportunities to people who would like to own a home, but need time to get financing together and would like to explore lease to own opportunities. You can learn more at WAHomeSolutions.com.