Did you know…
In a nationwide survey of about 24,000 renters, Apartment List found that 80 percent of millennial renters want to purchase a house or condo. Saving for a down payment can delay these buyers for a median of three years, and some buyers for up to a decade. The misconception held by many renters that a 20% down payment is necessary to purchase a home may play a part in this delay. There are, however, a growing number of low- and no-down-payment mortgage loans available to first-time buyers.
Fannie Mae Home Ready, the FHA 203(b) Loan, Freddie Mac’s HomeOne, Home Possible and Home Possible Advantage are just a few of these loan programs, each requiring only a 3-5% down payment. Many of these loan programs can be combined with secondary financing and down payment assistance programs such as the Portland Housing Bureau’s Down Payment Assistance Loan (DPAL), the Dream Makers Grant Program, Clackamas Homebuyer Assistance Program, and Gresham’s WELCOME HOME.
For more information on all available programs click here.